Gujarat-based Sintex Industries will set up a textile processing plant near Pipavav port at an investment of Rs 5,500 crore by 2017-18.
“We would be investing Rs 5,500 crore to set up this project (textile processing plant), which is located 6 kms away from Pipavav port in Amreli district of Gujarat,” Sintex Industries MD, Mr. Amit Patel told newsmen at Gandhinagar after attending a seminar on textile industry.
“We intend to complete the project by 2017-18. We will be focusing on knitting, spinning and weaving of textile in this facility,” he said, adding Sintex Industries has already been into textile business in Gujarat with one of their plants located in Kalol town near Gandhinagar.
Mr. Patel said Pipavav plant will have one million spindles, 2,400 weaving machines and a capacity to churn out 600 tonne of knits. He said the plant will generate employment opportunities for around 8,000 persons, including 40 to 50 per cent women employees.
“We expect a turnover of Rs 9,000 to 10,000 crore for the company after the Pipavav plant will run at its full capacity,” Mr. Patel said. Company’s turnover was Rs 6,400 crore during the last fiscal with the growth rate of 20 per cent.
“Besides, there is a huge opportunity globally in this sector, especially as the space is being vacated by China. In China, labour is getting costlier which is not the case in India. We also hold huge opportunities to process cotton into value-added products and maximise the revenue on per kg of cotton,” Mr. Patel added.
