20th September 2021, Mumbai:
To address rising worldwide demand, textile company Welspun intends to invest about Rs 800 crore ($120.25 million) in its home textiles and flooring divisions over the next two years.
Welspun stated in a statement that it aims to invest Rs 656.5 crore in developing its home textiles business in the fiscal years 2022 and 2023, according to the Economic Times.
In response to rising foreign demand, the company, which is India's largest home textiles maker, plans to boost its towel production capacity by 20% to 1.02 lakh metric tonnes per year.
According to the Press Trust of India, “keeping in mind the recent trend of customers focusing on tracking the entire value chain, 'Farm to Shelf,' the board has approved an investment in 40 looms for towel fabric at Anjar, which represents 7% of installed capacity,”
Welspun said in a regulatory filing. Beginning in the first quarter of the 2023 fiscal year, the company expects to realize financial growth as a result of these developments. “From the second year of operation, this expansion has a revenue potential of Rs 1,207 crore,” Welspun added.
Welspun India is a subsidiary of the Welspun Group, which is involved in industries such as textiles, steel, oil & gas, warehousing, infrastructure, and flooring.