On Wednesday, the Welspun Group formally unveiled a 500 crore Advanced Textile facility in Chandanvelly, close to Hyderabad, and pledged to invest an additional 3,000 to 5,000 crores over the following five years.
“Our group’s next phase of growth, in next three-five years, entailing ₹3,000-5,000 crore investment will come into Chandanvelly,” declared chairman Balkrishan Goenka at the facility’s opening by Industry and IT Minister K.T. Rama Rao.
The $2.3 billion diverse firm has also chosen Chandanvelly as the location for its IT Shared Service Centre, which will employ roughly 1,000 people. In the next five years, Chandanvelly will change into Welspun Valley, he said, “We are planning a big centre in Chandanvelly in the next five years.”
Home textile, flooring options, pig iron, TMT bars, stainless steel, line pipes, and infrastructure are among the industries served by the Welspun Group.
Minister Rama Rao promised the company all support after opening the advanced textile factory and encouraged it to expand its activities in Telangana. He spoke on the State government’s efforts to attract investments and urged the local government and elected officials to provide full support to businesses locating units in their area in order to ensure that young people have jobs in the villages and towns where they reside.
He recommended that any conflicts resulting from industrial growth be settled amicably without sacrificing local residents’ access to work. Additionally, he asked the Welspun Group to use its Corporate Social Responsibility (CSR) initiatives to address regional problems.
Among those present were Chevella MP G Ranjith Reddy, Welspun India Chief Executive Officer and Joint Managing Director Dipali Goenka, and Education Minister P Sabitha Indra Reddy.