Welspun to ramp up investments in Telangana: KTR
The Hindu
Welspun to ramp up investments in Telangana: KTR
The $2.3 billion in revenues Welspun Group broke ground for a ₹350 crore Sintex water tank and PVC pipes manufacturing unit near Hyderabad on Thursday, and with it committed to ramping up investments in Telangana by setting up a logistics park and IT facility.
A logistics park as well as an IT and IT-enabled services facility will be set up with an investment of ₹5,000 crore over the next 5-7 years by Welspun, facilitating 50,000 direct and indirect jobs, Industries and IT Minister K.T. Rama Rao said, referring to his conversation earlier with Welspun World chairman B.K. Goenka, at the ground-breaking at Chandenvelly near Hyderabad.
Two Letters of Intent (LoI) between Welspun and the State government were signed — one is for providing employment avenues to the youth by setting up IT infrastructure in rural areas, and the other for establishing logistics facilities.
For the proposed ₹350 crore facility of Sintex BAPL, which is a wholly owned subsidiary of Welspun Corp, an MoU was signed on Thursday.
“The project is being accomplished under the State government’s incentive scheme and will be manufacturing water tanks and pipes. The unit will create 1,000 jobs in Telangana region,” Welspun said.
Sintex, acquired by Welspun earlier this year, plans to make a foray into pipes business through this project, which will have a mix of different types of PVC pipes and fittings. The total investment will be spread over the next three financial years.
Mr. Goenka said that Welspun’s decision to make Sintex’s first investment, after the acquisition, “shows confidence and trust in the industrial environment of the State. Like the flooring plant at Chandenvelly, which Welspun had planned in Gujarat, the Sintex plant was initially considered in Karnataka before the decision to set up in Telangana. Welspun, which has a flooring and advanced textiles plants here, has invested ₹1,200 crore over 2-3 years in the State, and is confident of building a Welspun city similar to what it has in Gujarat.
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