Aditya Birla Group to invest Rs 7,500 crore on expansion of textile business
today Jan 21, 2019
Aditya Birla Group has made a commitment to invest Rs 7,500 ($1.06 billion) on the expansion of its textile business in the state of Gujarat. The company plans to set up new units to boost production from the state.
The company is betting big on Gujarat for growth as it is turning out to be a profitable market for investment. Aditya Birla has already invested over Rs 30,000 crore in the state and plans to add another Rs 15,000 crore over the next three years.
"Till date, the group's investments in Gujarat are of over Rs 30,000 crore and counting. We have plans to invest about Rs 15,000 crore more. This is towards the expansion of our capacities and setting up of new plants,” Aditya Birla group chairman Kumar Mangalam Birla was quoted as saying by news agency PTI.
"Amongst our major expansion is with Grasim viscose staple fibre plant at Vilayat and Indian Rayon viscose filament yarn plant at Veraval. These will entail investments of Rs 7,500 crore,” he added.
The increase in textile and garments production is expected to help the company’s fashion entity Aditya Birla Fashion & Retail Limited (ABFRL) which has plans to launch private labels in the apparel segment this year.
Aditya Birla Group also owns the exclusive rights for international brands Forever 21, Ted Baker, Simon Carter among many others.
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