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Punjab attracts ₹750 crore investment in textile sector as Ganga Acrowools expands operations

Chandigarh, (UNI) In a major boost to the state’s industrial landscape, Punjab Industries and Commerce Minister Sanjeev Arora announced on Monday that Ganga Acrowools Limited is undertaking a substantial expansion project with an investment of approximately ₹750 crore. This leading manufacturer of worsted woollen and fancy yarns, which currently exports to over 60 countries and maintains an annual turnover of ₹850 crore, aims to generate an additional 1,500 employment opportunities through this fresh capital infusion. Minister Arora emphasised that the Punjab Government’s efforts to create a preferred destination for investors are yielding significant results, as evidenced by the company’s consistent growth and its contribution to over 3,000 jobs in the last five years.

Central India's Premier English Daily

Central India's Premier English Daily

Credit: Centralchronicle

Key Highlights

  • The expansion project is notable for its integration of industrial growth with environmental sustainability, featuring a ₹53 crore investment in a paddy stubble-based boiler and turbine.
  • This innovative plant is designed to consume roughly 1,20,000 tonnes of paddy stubble annually, effectively processing nearly 10,000 tonnes per month.
  • By utilising agricultural waste for energy, the project is expected to help make the surrounding area within a 20 to 25-kilometre radius farm-fire free, addressing a critical environmental challenge in the region while powering high-value manufacturing.
  • Amit Thapar, President of Ganga Acrowools Limited, shared that the company significantly revised its initial investment plan of ₹301 crore upward to ₹750 crore due to Punjab’s supportive business environment and policies that promote ease of doing business.
  • He confirmed that ₹400 crore has already been invested, with the remainder slated for deployment over the next 24 months.
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Sources

  1. Punjab attracts ₹750 crore investment in textile sector as Ganga Acrowools expands operations

This quick summary is automatically generated using AI based on reports from multiple news sources. The content has not been reviewed or verified by humans. For complete details, accuracy, and context, please refer to the original published articles.

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