-By ArdorComm News Network
September 30, 2023
Sintex BAPL, a wholly-owned subsidiary of Welspun Corp, has inked a formal agreement with the Telangana government to establish a manufacturing facility in the state. This partnership is based on a memorandum of understanding (MoU) recently signed.
Under Telangana’s incentive program, this manufacturing unit will necessitate an investment of Rs 350 crore over the next three years and is poised to generate employment for 1,000 individuals within the state. The primary focus of this facility will be the production of water tanks and PVC pipes within Telangana. Sintex BAPL, which is experiencing significant growth in the water tank segment, also has plans to commence the manufacturing of pipes, including PV pipes and fittings.
This strategic move is aimed at solidifying Welspun’s presence in the building materials sector. The groundbreaking ceremony for this manufacturing unit took place in the presence of Telangana’s IT and Industries Minister, KT Rama Rao, and BK Goenka, Chairman of Welspun World, along with other notable figures.
It’s worth noting that Telangana has been actively prioritizing job creation initiatives. Earlier this year, the Central government designated several locations for the establishment of PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks, particularly aimed at bolstering the textile industry.
Telangana was identified as one of the seven states for this endeavour, alongside Tamil Nadu, Gujarat, Karnataka, Maharashtra, Madhya Pradesh, and Uttar Pradesh. These parks are anticipated to yield significant employment opportunities. The PM MITRA Parks model involves collaborative efforts between the central and state governments to attract substantial investments (up to Rs 70,000 crore), foster innovation, and contribute to making India a global hub for textile manufacturing and exports.