Future Group plans textile mill in Telangana

Future group, the country’s top retailer in talks with the Telangana government to set up a garment manufacturing facility in the state for its retail apparel vertical. They are looking at getting into garmenting as a business in Hyderabad as they want to have a textile mill in each of their centres, said chief executive of Future Group, Kishore Biyani on Wednesday.

The group is targeting a business of Rs 4,500 crore from the Hyderabad market by fiscal 2018-19 from the current Rs 2,500 crore, he told reporters. The Future Group, which is looking to triple its revenues to Rs 1 lakh crore by 2021 from around Rs 30,000 crore this fiscal, expects Rs 40,000-crore revenue by 2018-19.

Speaking to journalists at the launch of Future Consumer’s Golden Harvest Sona Masoori rice in the southern market, Biyani said that it was too early to say if the proposed mill would come up at the 2,000-acre Warangal mega textile park, being touted the largest in the country.

The state government has already signed agreements with Korea-based Youngone Corporation, Welspun Group and Chirpal Group, who have agreed to invest Rs 1,000 crore, Rs 750 crore and Rs 70 crore, respectively, on facilities at the Warangal textile park. Biyani refused to divulge details on the proposed textile mill, citing initial state of discussions.