Welspun Ind to foray into tech textiles; invest Rs 700 cr

Welspun India has earmarked around Rs 700 crore for foraying into technical textile, a top company executive said.

"We are planning to invest Rs 600-700 crore for the new arena of technical textiles and are waiting for the government's Technology Upgradation Fund (TUF) scheme, which is expected to be revived soon," Welspun India President, Corporate Functions (Business HR, Strategy, Projects) Updeep Singh told PTI here.

For this purpose, the company will set up a research and development-based unit in Kutch area of Gujarat.

The company is also eyeing up to 10 per cent growth in its sales turnover this fiscal, he said.

"We are looking at an 8-10 per cent growth in sales turnover in FY11 against last year, which was almost at $650 million," Singh said.

The textile major is looking at an overall investment of Rs 900 crore over a period of two to three years, including Rs 200 crore for equipments and another Rs 600-700 crore for venturing into technical textiles, he said.

The company is also looking at growing cotton in Africa.

"This plan is at a nascent stage. Its a long process and may take two to three years to materialise. We have not yet decided on the country, however, it will be in agreement with the government of that nation where we will decide grow cotton," he added.