Investments in Gujarat textile sector set to treble

Investments in the high employment generator; textile sector is expected to receive a boost from the Vibrant Gujarat Summit beginning tomorrow. Investment proposals already received and for the which Memorandum of Understandings (MoUs) have crossed the Rs 200 billion mark, up from Rs 84 billion in the previous summit in 2009.

The Gujarat government is mainly trying to attract investments in the technical textiles sector, which is still in its nascent stage in India. Two major multinational technical textile companies seem to have shown keen interest in setting up manufacturing operations in the state.

The other sector which is evincing interest is the spinning sector, in which the government has received around 40 proposals of the 125 odd investment proposals received. The technical textiles sector has attracted around 15 investors, with the rest accounted for by those in weaving, fabric processing and apparel manufacturing.

Amongst the major investors are big textile houses like, Alok Tex¬tiles, Welspun Group, S Kumar's Nationwide, SEL India, Chiripal group, Bhilwa¬ra Group, Jaydeep textiles, Nagarika Group, Mangal Textiles, Lux Hosiery, Filatex Group and many others. Amongst the global companies who are investing in the vertical of technical textiles are TenCate Geosynthetics and American Hygienics Corporation.

Original Source: Investments in Gujarat textile sector set to treble @ Fibre2fashion