Chiripal Group to invest Rs 3,640 cr for expansion in various sectors

Ahmedabad-based textile major Chiripal Group will invest round Rs 3,640 crores for expansion in various sectors in the next two years, a press statement issued by the company said here on Tuesday.

"The company is expanding in poly propylene at its existing location in Bidaj in Kheda district and is coming up with polyester chips manufacturing, packaging film coating and converting and manufacturing of BOPET at cost of Rs 1,172 crores in two years," the statement said.

The statement further said that Nandan Denim Limited, the group's flagship company, will invest Rs 612 crores at its textile park in Bidaj.

A knitting project in which manufacturing of terry towel will be undertaken is also coming up with an investment of around Rs 400 crores at Dholi village in Dholka taluka of Ahmedabad.

The group, the statement added, will invest around Rs 1,306 crores to expand its spinning and weaving activities under Chiripal Industries Limited and Shanti Exports Private Limited, adding that land acquisition for the project is over.

A spinning park will also come up in the name of Dholi Integrated Spinning Park Limited at Dholi. The park will have eleven spinning units and five weaving units with an investment of Rs 150 crores.  The investments are outcomes of Memorandums of Understanding (MoU) signed by the group with the state government at the Vibrant Gujarat Summit 2015 in Gandhinagar, the statement pointed out.