Sangam India signs an MoU with the Government of Rajasthan to invest INR 1,521 crores in the next 2 years
- MoU is aimed to launch multiple manufacturing projects across a 100 acre land in Bhilwara
- New projects would create employment to over 10,000 people across the state
Mumbai, 17 December, 2021: Sangam India Ltd. (SIL), one of India’s foremost producers of PV dyed yarn and seamless apparel, has announced that it has signed a Memorandum of Understanding (MoU) with the Department of Industries Commerce, Government of Rajasthan, by its newly formed wholly owned subsidiary Sangam Venture Limited. The MoU would aim at an investment to the extent of INR 1,521 crores from Sangam (India) Limited and wholly owned subsidiary Sangam Ventures Limited to setup multiple manufacturing units focussing on Spinning, Weaving, Garments, Knitting and Processing over 100 acres of land in Bhilwara district of Rajasthan.
Speaking on this occasion Dr. S.N. Modani, Managing Director & CEO, Sangam India Limited said, “We are extremely proud to be closely associated with the Government of Rajasthan on this important collaboration. The textile sector of India needs a major impetus, especially after the turbulent times faced by the industry during the Covid-19 pandemic. With this MoU, Sangam India is charting out an aggressive expansion strategy over the course of next 2 years, starting with launching multiple manufacturing projects in Bhilwara, which would generate direct/indirect employment over 10,000 people. This investment of INR 1,521 crores would be funded through a combination of internal accruals, raising fresh equity and debts via financial institutions.”
