At the newly inaugurated Kakatiya textile park in Warangal, among others textile players, Welspun group and Gujarat based Nandan Denim of Chiripal group have proposed to invest about Rs1,450 crore. Welspun and Nandan Denim will be investing Rs 750 crore and Rs 700 crore, respectively.
While the Korean company Youngone Corporation has proposed to invest about Rs 1,000 crore,
The state government has signed memorandum of understanding (MoUs) with 13 companies, which are going to invest in the Kakatiya Mega Textile Park, Warangal. These companies are going to invest a total of Rs 3,020 crore in the textile park.
The investments will create 22,350 jobs through direct employment and 66,000 jobs indirectly.
The companies which signed MoUs with the Telangana government include Suryavansi Spinning, Surya Uday Spinning Mills, Srinath Spinning Mills, Urbaknitt Fabs, Shivani Group, Ginni Filaments, The Swayamwar, Welspun Group, Yougone Corporation (overseas), Gokaldas Images, Nandan Denim (Chirpal Group), Shahi Exports, Jaycot Industries and GK Threads.
Eight other companies have also signed MoUs to invest Rs 380 crore in other districts of Telangana. These eight companies includes Suryalatha Spinning Mills, Seetharam Textiles, Suryalakshmi Cotton Mills, Sri Ram Spinning Mills, GMR Spintex, Vijayalaxmi Spitex, Ashtalaksmi Spinning Mill and GTN Industries. These companies are expected to create 1,450 jobs.
Unlike other textile hubs such as Solapur in Maharashtra, Tirupur in Tamil Nadu and Surat in Gujarat, the Kakatiya Mega Textile Park would focus on all types of fabrics and garments. Further, the government has already come out with a slew of incentives and subsidies targeting investments in the textile sector.
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