A lot of textile and apparel companies have come forward with expansion plans in the sector with a good number of investments. The latest being GHCL Group that announced Rs 535 cr investments in textile sector in Tamil Nadu.
Following the same, another Group Jeyavishnu Clothing (KM Knitwear Group) announced investment of Rs. 330 crores in textile spinning and processing segments which will generate over 2,500 jobs.
SCM Garments a well-known apparel manufacturing company announced investments to the tune of Rs. 500 crore over the next five years, generating 9,300 jobs. Its plan includes setting up new apparel units, install solar and wind energy plants.
Leading homegrown activewear brand, TechnoSport will also establish a cutting-edge activewear facility in the Erode district in Tamil Nadu which is poised to commence production by March 2024 and will specialise in technical textiles, harnessing state-of-the-art technologies. Boasting a daily capacity of 25 tonnes, the mega factory is anticipated to create more than 2000 jobs over the course of the next four years.
It is also believed that apart from creating capacities for future, incentives and subsides being offered by various State Governments is also pushing companies to come forward for investment.
The Ramraj Group known from making cotton garments signed an MoU with the Tamil Nadu government at the GLOBAL INVESTORS MEET where it declared that it plans to invest Rs. 1,000 crores over the next five years. Founder and Chairman of Ramraj Cotton K.R. Nagarajan told that the group plans to invest Rs. 200 crores a year to set up textile processing, weaving and spinning units. At the end of five years, the investment will create 5,000 jobs.
“We make several products. The investments will be spread across different districts based on the strong textile activity in that district. We are creating capacities across the textile supply chain. Works have commenced for some of the projects,” he said.
Whether these investments hint at revival of the industry of not that only time would tell, however, these announcements definitely have contributed to create a positive momentum in the industry which will surely encourage other companies to follow the suit.