Pallavaa Group, an Indian textile manufacturer based in Tamil Nadu, is planning to invest Rs. 500 crore in the next five years to expand its production capacity. The company will also venture into textile processing.
The company’s annual turnover of Rs. 2,200 crore is expected to reach Rs. 4,000 crore when the capacity is enhanced.
Apart from this, the investment will also go into amplification of its wind and solar energy generation.
The textile producer has reportedly already inked a Memorandum of Understanding (MoU) with the Tamil Nadu Government at Global Investors Meet, held from January 23-24, 2019.
The company believes that when the per capita consumption of textile increases, the demand for synthetic textiles will increase. It sees potential in the local market and thus, plans to expand.
Notably, the Pallavaa Group has spinning, weaving and knitting units in Erode.
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