Welspun India to invest Rs 900 cr in new facility

Welspun India is planning to invest Rs 900 crore this fiscal as part of its plan to set up a flooring textile facility in Telangana.

It is to be noted that the textile company has already invested Rs 70 crore of the total outlay in the first quarter of the year.

The company’s Chief Financial Officer Altaf Jiwani was quoted as saying by Moneycontrol: “The capex will pick up in the coming quarters. The facility for flooring solutions is the first of its kind in India.”

He added: “The facility is spread over 27 million square feet. As of now, this product is being imported from countries like China and Turkey.” The total outlay of the project is Rs 1,100 crore and the facility will be commissioned by December 2019.

Image Credit : livemint.com

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