Textile firm Sangam India to invest ₹1,521 crore in Rajasthan

20 Dec '21

1 min read

Pic: Youssouf Cader | Dreamstime.com

Sangam India Limited, one of the largest producers of PV dyed yarn, seamless garments and seamless fashion, has signed a memorandum of understanding (MOU) with the government of Rajasthan for investing ₹1521 crore in the state directly or through its wholly owned subsidiary. The MoU was signed during the recently held Investment Summit in Bhilwara.

The company will set up multiple manufacturing units for spinning, weaving, knitting and processing across 100 acres of land in Bhilwara, and generate direct and indirect employment for over 10,000 people.

“We are extremely proud to be closely associated with the government of Rajasthan on this important collaboration. The textile sector of India needs a major impetus, especially after the turbulent times faced by the industry during the COVID-19 pandemic. With this MoU, Sangam India is charting out an aggressive expansion strategy over the course of next 2 years, starting with launching multiple manufacturing projects in Bhilwara, which would generate direct/indirect employment over 10,000 people,” said Dr S N Modani, MD & CEO, Sangam India Ltd.

The investment will be funded through a combination of internal accruals, raising fresh equity and debts via financial institutions.

Fibre2Fashion News Desk (KD)

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