Grasim Industries, Arvind Announce Investments Worth Rs 4,400 Crore In Gujarat

0, 0
0
478

Aditya Birla Group’s Grasim Industries and Arvind Ltd have lined up fresh investments in Gujarat totalling Rs 4,400 crore, it has been announced.

According to a senior Gujarat government official, Grasim’s projects would bring a major investment while Arvind’s projects would help the government get closer to its goal of job creation.

Grasim Industries has signed an agreement with the Gujarat government to invest Rs 4,100 crore to set up two factories, one of which will come up on Gujarat Industrial Development Corporation (GIDC) land in Bharuch district, while the other will come up in Surat, according to a Gujarat state government release.

A spokesperson for Grasim Industries has confirmed that the company had signed agreements with the Gujarat government for setting up two factories.

Grasim plans to set up manmade fibre facilities in the state and employ about 1,300 people for the two factories, one of which will be commissioned in 2018, while the other will be operational in 2020.

In a separate announcement, Arvind Ltd said that it has entered into an agreement with the Gujarat government to set up a “mega apparel factory” at an investment of Rs 300 crore, at Dehgam in Gandhinagar district, with a capacity to produce 24 million garments once it is fully operational.

The company said that its decision comes on the heels of the new apparels and garments policy announced by the government earlier in October.

The new Apparels & Garments Policy 2017 which was unveiled by Gujarat Chief Minister Vijay Rupani on October 11 is aimed at drawing investments to the tune of Rs 20,000 crore and provide jobs to about 100,000 people.

In a statement, Arvind Ltd Executive Director Kulin Lalbhai said, “We plan to commence commercial production in the fourth quarter of 2018 to create 10,000 jobs. We are excited to support the Gujarat apparel policy whose aim is to create 100,000 jobs in Gujarat. We are confident that with such a policy, Gujarat will emerge as a major destination for garmenting.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

+ 17 = 21