Sangam India, a producer of polyester viscose (PV) dyed yarn and seamless apparel, has signed an MoU Memorandum of with Rajasthan government to invest INR 1,521 crore in its newly formed wholly-owned subsidiary Sangam Venture.
As per BusinessLine, the company will set up multiple manufacturing units with a focus on spinning, weaving, garments, knitting and processing on over 100 acres at Bhilwara in Rajasthan.
SN Modani, Managing Director, Sangam India said the textile sector needs a major impetus, especially after the turbulent times faced by the industry during the Covid pandemic.
It is also strategizing an aggressive expansion plan over the course of the next two years, which will be started with launching multiple manufacturing projects in Bhilwara, which would generate employment for over 10,000 people, he added.
This fresh investment would be funded through a combination of internal accruals, raising fresh equity and debt via financial institutions.
Sangam India had recently announced an expansion plan of INR 137 crore to increase the existing capacity of their cotton yarn business by 47 per cent and knitted fabric business by 28 per cent.
