Ring And Open End Spinner GHCL Textiles Ltd. Signs Memo Of Understanding

CHENNAI, India — January 11, 2024 — GHCL Textiles Ltd., a manufacturer and supplier of 100% Combed Cotton Compact Ring Spun yarns, Cotton Open End yarns, 100% Synthetic and Blend Ring Spun yarns, Vortex yarns and TFO yarns signed an MOU with the Government of Tamil Nadu for an investment of Rs.535 crores on at the just concluded Global Investors Meet 2024. The MoU was signed in the presence of Honorable Chief Minister M K Stalin, senior ministers, and officials of the Government of Tamil Nadu. GHCL Textiles was represented by Mr.R.Balakrishnan, CEO and Mr.N.Rajagopal, Sr.GM (Technical).

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.1035 crores and its renewable energy portfolio will expand to 75 MW.

Commenting on the investment, Mr. R S Jalan, Director, GHCL Textiles said, “It is our honor 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 Green energy portfolio. Thus amplifying our value added product basket, accelerating growth and positioning us among the top-tier industry leaders.”

Posted: January 11, 2024

Source: GHCL Textiles Ltd.