Sangam India Ltd. (SIL), India’s leading producers of PV dyed yarn and seamless apparel, will invest Rs. 1,521 crore in Bhilwara (Rajasthan).
This investment would be funded through a combination of internal accruals, raising fresh equity and debts via financial institutions.
The Group has announced that it has signed a Memorandum of Understanding (MoU) with the Department of Industries Commerce, Rajasthan, by its newly formed wholly owned subsidiary Sangam Venture Limited.
The MoU was signed during Invest Bhilwara event.
Sangam Ventures Limited is all set to setup multiple manufacturing units focussing on spinning, weaving, garments, knitting and processing over 100 acres of land in Bhilwara.
Happy to be closely associated with the Government of Rajasthan on this important collaboration, Dr. S.N. Modani, MD & CEO, Sangam India Limited said, “The textile sector of India needs a major impetus, especially after the turbulent times faced by the industry during the Covid. With this MoU, Sangam India is charting out an aggressive expansion strategy over the course of next 2 years, starting with launching of multiple manufacturing projects in Bhilwara, which would generate direct/indirect employment of over 10,000 people.”
Sangam India had recently announced an expansion plan of Rs. 137.25 crore to increase the existing capacity of their cotton yarn business by 47 per cent and knitted fabric business by 28 per cent.
