Vardhman Group to invest Rs.560 crore in Himachal

The Vardhman Group will invest Rs.560 crore in Himachal Pradesh's Baddi town in weaving and fabric units which will be operational by June 2016, an official said here Saturday.

The first phase of the project would start from February 2015 and would be completed by June 2016, the group's joint managing director Sachit Jain said.

He said the entire project would be completed by 2018.

Jain came to Shimla to meet state Industries Minister Mukesh Agnihotri.

Jain told the minister that the company has already invested over Rs.2,000 crore in the state and is providing employment to over 8,000 people.

A statement quoting Agnihotri said the state would provide all possible help to the entrepreneurs interested in investing in the state.

He said the state government held investors' meets at Mumbai, Bangalore and Ahmedabad this month, which have shown good results.

The minister said the second phase of the investors' meet would be held in New Delhi and Ludhiana soon.

Data shows that Himachal Pradesh got maximum investment from 2003 to 2010 when there was a special industrial package by the central government. Most investments were in pharmaceutical, food processing, textile, packaging and light engineering sectors.