Welspun proposes projects

YarnsandFibers News Bureau 2018-03-26 12:45:00 – Mumbai

The Welspun companies that proposed the projects, all three to come up in Shabad mandal, Ranga Reddy district are expected to firm up their plans with the State government approving a set of customised benefits for them recently.Welspun is the latest to join the growing list of well-known names preferring Telangana, something both senior officials and Ministers attribute to the TS-iPASS policy, industry-friendly climate and a support eco-system in the State.

Technical woven fabric is the other proposal pertaining to technical textile is by Welspun India Ltd. Interest subsidy, power tariff subsidy and SGST reimbursements will be some of the other incentives. The incentives approved range from one-time capital subsidy of ₹40 crore, interest subsidy, power tariff subsidy, SGST reimbursement and benefits under T-TAP.Likewise, the line pipe manufacturing facility planned by Welspun Corp Ltd would get 150 acres and one-time capital subsidy of 10% of eligible fixed capital investment under T-IDEA (Telangana Industrial Development and Entrepreneur Advancement programme). With an investment of ₹409 crore, the project, on 150 acres, is for manufacturing technical woven fabric, stitch bonded fabrics and non-wovens.

The approved incentives project is expected to provide direct employment to 1,000 people and indirect job opportunities to 2,000 people.A one-time capital subsidy of ₹80 crore, interest subsidy at the rate of 8% per annum on eligible capital investment; power tariff subsidy, 100% gross SGST reimbursement for a stipulated period, besides benefits applicable under the Telangana Textile and Apparel Policy (T-TAP) are to be made available. For the ₹1,261-crore technical textile project of Welspun Flooring, for manufacturing floor covering carpets and LVT, the incentives approved by the government include allotment of 500 acre of encumbrance-free undeveloped industrial land with external infrastructure such as roads, power and water

The $2.3 billion, diversified Welspun Group proposes to set up three manufacturing facilities in Telangana entailing an investment of over ₹1,900 crore. The employment opportunities, both direct and indirect, estimated to be generated would be more than 5,000. Two of them would be dedicated to the high growth technical textiles, while the other would be for making line pipes. The Welspun Group, with companies that are fully integrated players in home textiles as well as pipes, plates and coils, has presence in steel, infrastructure and energy space too.

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