Manomay Tex India-Vardhaman Textiles JV to set uptextile hub in Tripura
24 August 2024, Mumbai
A joint venture between Manomay Tex India and Vardhman Textiles has bagged aRs 3,000 crore contract to establish a large-scale textile production hub in Tripura from the state government
Aligned with the government’s vision of transforming Tripura into a key player in India’s textile sector, the project aims to attract investments, improve infrastructure, and create jobs in the northeastern region. The collaboration between Manomay Tex India and Vardhman Textiles is expected to introduce advanced technology and expertise to the state’s growing textile industry.
The project holds substantial significance for Tripura’s economy. It is expected to generate around 25,000 direct and indirect jobs, addressing the state’s limited industrial activity and employment opportunities. This boost in employment is particularly crucial for skilled and semi-skilled workers in the region.
In addition to creating jobs, the large-scale investment in the textile sector is anticipated to serve as a catalyst for broader industrial development in Tripura. The project will likely lead to improvements in infrastructure, transportation, and attract further investments, contributing to the state’s overall economic growth.
Furthermore, the government plans to leverage Tripura’s strategic location as a gateway to Southeast Asia by enhancing textile exports, especially to neighboring countries like Bangladesh.
The joint venture between Manomay Tex India and Vardhman Textiles combines the strengths of two well-established companies in India’s textile industry. Manomay Tex India is known for its high-quality fabric manufacturing, while Vardhman Textiles, one of the largest integrated textile manufacturers in the country, brings technical expertise and global distribution networks to the table.
The Tripura government’s strategy includes infrastructure development, investor incentives, and skill development programs to support the textile hub. Despite challenges such as underdeveloped infrastructure, the government’s commitment, coupled with the expertise of the partnering companies, is expected to overcome these obstacles, positioning Tripura as a significant hub in India’s textile industry.
