Boost for Gujarat, Grasim, Arvind to invest Rs 4,400 cr, set up production units

By: |
Ahmedabad | Published: October 18, 2017 6:19:45 AM

The company signed an MoU with the Gujarat government on Tuesday to invest about Rs 4,100 crore. As per its MoU with the state government, Grasim will employ about 1,300 people directly and indirectly at the facilities which are likely to be commissioned in 2018 and 2020, respectively.

Leading textile companies Grasim and Arvind on Tuesday signed memoranda of understanding (MoUs) with the Gujarat government to invest about Rs 4,400 crore in the state. (Representative photo: IE)

Leading textile companies Grasim and Arvind on Tuesday signed memoranda of understanding (MoUs) with the Gujarat government to invest about Rs 4,400 crore in the state. Both the companies will set up production facilities in the state. Grasim, a flagship company of the Aditya Birla Group, is planning to set up man-made fibre plants in Vilayat GIDC and Kharach-Kosamba in the state’s Bharuch district. The company signed an MoU with the Gujarat government on Tuesday to invest about Rs 4,100 crore. As per its MoU with the state government, Grasim will employ about 1,300 people directly and indirectly at the facilities which are likely to be commissioned in 2018 and 2020, respectively. Denim major Arvind on Tuesday announced its plans to set up a mega apparel factory with a proposed investment of Rs 300 crore in the state and produce 24 million garments per annum.

“This agreement will generate employment in the state and boost the small businesses as the investment by such a large industrial group will attract investments by several small industries as the ancillary units,” a state government communique said. The mega apparel factory of Arvind will come up at Dahegam near Ahmedabad. Gujarat chief minister Vijay Rupani and Arvind’s executive directors Kulin Lalbhai and Punit Lalbhai signed the MoU at Gandhinagar. “We plan to commence commercial production in the fourth quarter of 2018 and we plan to create 10,000 jobs, a majority of which will be women. We are excited to support the Gujarat Apparel Policy which aims to create 1 lakh jobs in the state,” a company release quoted Kulin Lalbhai as saying.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.