Leading international strategic investor TCG forays into textiles
TCG showcases the revival of Garden Silk Mills Pvt. Ltd. and Garden Vareli brand.
Announces the commencement of INR 1,250 crore at their Surat polyester yarn manufacturing unit.
Surat, Gujarat – Monday Feb 12th, 2024: The Rs. 1,250 crore FDY Yarn expansion project at Garden Silk Mills Private Limited (GSMPL) marks the beginning of a period of rapid progress in the textile sector by The Chatterjee Group (TCG) under the leadership of its visionary Chairman, Dr. Purnendu Chatterjee. With its state-of-the-art manufacturing plant at Jolwa, producing high quality polyester chips, POY, FDY and other specialty yarns, and the iconic Garden Vareli brand having a contemporary collection of sarees and dress materials, the Chatterjee Group, that has investments of USD 8 billion globally, is truly creating the Garden of Tomorrow.
“We at MCPI and GSMPL are committed to realize the strong textile vision of Dr. Purnendu Chatterjee, Chairman, TCG.” – D.P.Patra, Whole Time Director and CEO, MCPI.
With this foray into textiles, TCG aims big at being a key player in PTA-Polyester Downstream segment in the coming years. In line with TCG’s vision to attain exponential growth in textiles, both GSMPL and MCPI are looking to ramp up its footprint in various polyester segments in the coming years. MCPI, continues to supply good quality PTA at competitive prices to support GSMPL’s Yarn business, which is currently amid worst downturn for the industry. Large investments in the new FDY yarn facilities have been made and 220 KVA electricity connection to the plant has been obtained to enhance the business operations. Additionally, the company has invested in hybrid renewable power to reduce overall carbon footprint. Further enhancement in renewable power is underway.
Today GSMPL is proud to have successfully commissioned the Fully Drawn Yarn (FDY) plant having a capacity of 272 Tons per day. The State-of-the-Art Oerlikon Barmag Wings+ machines will produce ‘best in class’ FDY for knitting, weaving, and sizing applications. The company also plans to set up the Industrial Yarn and Geotextile facilities in different locations in future.
Dr. Purnendu Chatterjee’s vision and leadership have led to the diversified portfolio of TCG that has a global footprint on the business landscape, having an enviable track record as a strategic investor with investment of around US Dollar 8 billion in USA, Europe, and South Asia across several business sectors like Petrochemicals, Life Sciences, Information Technology, Real Estate, Technology for Chemical Companies, Fin-tech and many more.
Dr Purnendu Chatterjee’s relentless pursuit of knowledge and learning has paved the way for the establishment of Centre for Research and Education in Science and Technology (CREST) – a world-leading Research Institute that unleashes the true potential of human talent. The institution is dedicated to three Ks: Knowledge Creation, Knowledge Application and Knowledge Dissemination. It specializes in advancing knowledge and innovation across fields of Quantum Computing, Batteries and Super Capacitors, Translational Neuroscience, Translational Research in Mathematics, Cryptology and Research in Food Technology.
Pacing progressively in numerous sectors, The Chatterjee Group (TCG) has proven its prowess by navigating unpredictable markets with agility along with harnessing opportunities for growth and innovation across multiple industries. The Chatterjee Group’s constant efforts to cultivate knowledge further empowers every individual within the group to dedicate themselves to constant growth which in turn propels TCG’s exponential growth by expanding their presence across various segments of business by incessant value additions in the upcoming years.
About TCG
The Chatterjee Group – TCG, is a global business conglomerate, established in 1989 and headquartered in New York, USA. It has built a global presence across the USA, Europe, and South Asia with a consortium of renowned enterprises, and an investment of around USD 8 billion. It is under the guidance of its visionary Chairman – Dr Purnendu Chatterjee, that the Group carved a strong niche for itself in knowledge intensive segments. Through the years, it has pioneered services and solutions across diverse domains like Financial Services, Life Sciences, Information Technology Services, Petrochemicals, Technology for Chemical Companies and Real Estate. Food Technology and Logistics are the latest additions to its impressive pool of subsidiaries.
The group has further created an unmistakable mark in the chemical and petrochemical sectors with its notable subsidiaries – Haldia Petrochemicals Ltd. (HPL), and MCPI Pvt. Ltd. TCG’s vision of creating value by strategically investing in knowledge-based companies have seen the assimilation of Lummus Technology, TCG Life Sciences Pvt. Ltd., TCG Digital, TCG Real Estate focusing on knowledge-based infrastructure and Labvantage Solutions. The Centre for Research and Education in Science and Technology (CREST) takes the belief in the power of ‘knowledge to create value’ to a unique dimension.
About GSMPL:
Garden Silk Mills Pvt. Ltd. (GSMPL) began its journey as a textile pioneer in Surat, Gujarat in 1979. A legacy brand, Garden Silk Mills began its journey in Surat, Gujarat in 1979, and has establishments in Jolwa and Vareli. It was famous for its consumer facing brand – Garden Vareli, that rapidly grew to become the leading player in fabric and fashion across India. Even with business slowing down in recent years, this iconic brand continues to retain a significant recall value and equity. TCG is actively working towards restoring the brand’s hold on the saree and fashion segments, effectively moving closer and growing stronger in the consumer facing side of business.
GSMPL is a producer of polyester chips, yarn (POY, FDY and others), griege and finished fabric. All these products are processed from PTA, the primary product of MCPI. This ensures the forward integration in the PTA chain, reinforcing TCG’s foothold in the polyester business. Since acquiring GSMPL, MCPI has been maintaining a steady supply of good quality PTA at competitive prices, thus supporting and growing GSMPL’s Yarn business.
About FDY Plant:
The new Fully Drawn Yarn (FDY) plant – a Rs 1250 Cr expansion project – with a capacity of 272 tons per day is the mark of a new chapter in the textile sector. Featuring state-of-the-art Oerlikon Barmag machines that are known for producing the best-in-class FDY for knitting weaving and sizing applications, this plant is the sign of technological revolution in the textile industry; a revolution sparked by TCG through MCPI.
