GHCL Textiles Ltdhas signed a memorandum of understanding with the Government of Tamil Nadu for an investment of Rs 535 crore, at the Global Investors Meet 2024.
The MoU entails investments for capacity expansion as well as investments in renewable energy in Tamil Nadu. Once implemented, GHCL Textile’s total investment in the state will be over Rs 1,035 crore, and its renewable energy portfolio will expand to 75 megawatts.
Commenting on the investment, R S Jalan, Director, GHCL Textiles said,
“It is our honour to be a part of the state and India’s growth journey. These investments are in line with our promise to consistently deliver value for our stakeholders through sustained expansion in earnings. Over the next four years, the investments will be used for capacity and product basket expansions, vertical integration of textile manufacturing to include knitted and woven finished fabrics, as well as the enhancement of the Green energy portfolio. Thus, amplifying our value-added product basket, accelerating growth and positioning us among the top-tier industry leaders.”
The MoU was signed in the presence of Chief Minister M K Stalin, senior ministers, and officials of the Government of Tamil Nadu. GHCL Textiles was represented by R. Balakrishnan, Chief Executive Officer, and N. Rajagopal, Senior General Manager (Technical).