GHCL to invest Rs 500cr in Tamil Nadu for yarn business
GHCL Limited, an Indian chemical and textile company, has signed a memorandum of understanding (MoU) with the Tamil Nadu government for investing INR 500 crores in the state.
The MoU was signed by GHCL yarn division CEO M Sivabalasubramanian and Pooja Kulkarni, who is the MD and CEO, Guidance, Industries Department, Government of Tamil Nadu, in the presence of the state’s Chief Minister MK Stalin.
GHCL will install 40,000 ring spindles in Manaparai in Tiruchirappalli district for producing synthetic and synthetic blended yarn to serve the knitting and weaving segments.
The chemical and textile company will install another 40,000 ring spindles with two dozen knitting machines in Paravai in Madurai district for producing 100% cotton yarn as well as knitted fabrics.
GHCL also intends to develop an extra high tension (EHT) power transmission facility in Manaparai for enabling an uninterrupted power supply.
The company has proposed to build a 20MW solar power park near Musiri in the Tiruchirappalli district. Currently, 52% of the energy needs of its yarn business is met from renewable resources and after the solar power project is commissioned, nearly 70% of its energy requirement for the spinning business will be from green power.
R S Jalan — Managing Director of GHCL said: “We are humbled and proud to be a part of Tamil Nadu’s growth story which is befitting our long term association with the state. 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% of our energy requirements from Renewable sources.”