Leading chemical and textile company GHCL Limited will invest Rs. 500 crore in Tamil Nadu, which includes installation of 80,000 ring spindles and 24 knitting machines.
The company has signed a MoU with the State Government of Tamil Nadu.
As per the MoU, the company will set up 40,000 ring spindles in Manaparai, Tiruchirappalli district, to produce synthetic and synthetic blended yarn, while another 40,000 ring spindles with 24 knitting machines will be installed in Paravai, Madurai district, to produce 100 per cent cotton yarn and knitted fabrics.
The company also plans to develop an EHT (extra high tension) power transmission facility in Manaparai to ensure an uninterrupted power supply. It also proposed to set up a 20 MW solar power park near Musiri, Tiruchirappalli district.
As of now, 52 per cent of the energy requirements of GHCL’s yarn business is fulfilled from renewable resources. After this project, almost 70 per cent of the company’s energy requirement for the spinning business will be from renewables.
RS Jalan, MD of the company said, “We are humbled and proud to be a part of Tamil Nadu’s growth story. This MoU will help us to create value for the community and is in accordance with our strategic growth plans and sustainability targets. Going forward, we will further enhance our energy portfolio to fulfil almost 90 per cent of our energy requirements from renewable sources.”
