Ahmedabad-based textile group ‘Chiripal’ has planned investments of Rs. 3,640 crore in various segments of the textile industry in the next two years.
Group Company and Nandan Denim, second biggest denim fabric producer in India, will invest Rs. 612 crore at a Textile Park in Bidaj. The group will also invest around Rs. 1,306 crore to expand its spinning and weaving activities under Chiripal Industries Limited and Shanti Exports Private Limited.
It is also expanding polypropylene (PP) capacity and is coming up with polyester chips manufacturing, packaging film coating and converting and manufacturing of BOPET at the cost of Rs 1,172 crore.
The company is also setting up a knitting plant. Manufacturing of terry towels will also be undertaken at an investment of around Rs. 400 crore at Dholi village in Dholka taluka of Ahmedabad.
A Park called Dholi Integrated Spinning Park Limited has been planned at an investment of Rs. 150 crore, which will house 11 spinning units and five weaving units.
The investments are outcomes of memorandums of understanding (MoU) signed between the group and the state government at the ‘Vibrant Gujarat Summit 2015’ held in Gandhinagar recently, a company statement said.