Vardhman Group, one of the leading textile companies in India, is set to invest Rs 560 crore for setting up weaving and fabric units in Himachal Pradesh’s Baddi town, Business Standard reported.
The managing director of Vardhman Group, Sachin Jain, said the first phase of the project would start from February 2015 and would be completed by June 2016. The entire project is expected to be completed by 2018.
He said that these projects would provide gainful employment to over 1,000 youth.
In a meeting with Himachal’s Industries Minister Mukesh Agnihotri, Jain said that Vardhman Group has already invested over Rs 2,000 crore in the state and is providing employment to over 8,000 people. He thanked the Minister for creating investor-friendly environment in the state which had immensely helped in attracting investment in Himachal Pradesh.
Agnihotri said the state would provide all possible help to the entrepreneurs interested in investing in Himachal Pradesh to make the state an ‘industrial hub’.
He said that the state government led by chief minister Virbhadra Singh was committed towards making the state a favourite destination for investment.
He said that ‘Investment by Invitation’ has been the motto of the government to attract investment in the state and this was being pursued vigorously. The recently held Investor’s Meet at Mumbai, Bengaluru and Ahmedabad was a step in this direction, which has shown encouraging results.
The second phase of the Investor’s Meet would be held at New Delhi and Ludhiana soon. Industries Minister assured all possible help to the Group for early completion of our projects, Jain said.
Spanning over 22 manufacturing facilities in five states across India, Vardhman Group’s business portfolio includes yarn, greige and processed fabric, sewing thread, acrylic fibre, and alloy steel. (GK)
