A Gujarat-based textile company has proposed to invest Rs 5,400 crore in the state for setting up a solar cell and a textile unit in Ratlam.

According to the Industry Policy and Investment Promotion Department, the Gujarat based group has proposed to set up a unit of solar cell, solar glass and PV module production in Ratlam with a capital investment of Rs 4,600 crore. The group is expected to set up the unit on about 250 acre.

The company has proposed to generate employment for around 3,000 people.

The company also plans to set up a textile unit in Ratlam in an area of 30 acres with an investment of Rs 800 crore and provide employment to 900 people.

The Gujarat based company has diversified businesses in the fields of spinning, weaving, knitting, fabric processing, chemicals and petrochemicals, according to information on the company’s website. According to the industry department, the director of the group Jyoti Prasad Chiripal held a meeting with the Chief minister Shivraj Singh Chouhan early this week in Bhopal.

According to Madhya Pradesh Industrial Development Corporation (MPIDC), Indore around 50 textile and garment industries have booked land in the Indore region in the last one year by paying 25 per cent of the total premium amount to set up factories and estimated investments from these units is Rs 1,560 crore.

Pinning hopes on fresh investment from industries, MPIDC is upgrading old industrial belts of the state under which infrastructure at around 16 industrial belts of the state will be upgraded and the estimated cost of development is Rs 200 crore.

Source: Economic Times