Chiripal group plans to enter cotton farming

The Rs 1,000-crore Ahmedabad-based Chiripal Group, with its core business in textiles, has chalked out plans to acquire a huge chunk of land for cotton cultivation as well as for contract farming in the surrounding areas for its upcoming cotton spinning plant.

"The Chiripal group is in the process of acquiring 1,000 acres of land in the Mandvi area of Saurasthra region in Gujarat for contract farming," said chairman Ved Prakash Chiripal.

The group is also setting up a textile park in Ahmedabad, which will come up on 100 acres in Bareja and will mostly house weaving, spinning and texturing units.

The company's upcoming cotton plant will consist of 26,000 ring spindles and 2,400 rotor spinning unit initially. The plant's capacity will be increased in phases over a period of time as and when required by the company.

The group is investing Rs 350 crore for creating facilities for setting up the plant, garmenting, weaving, embroidery, home furnishing and procuring latest machinery for processing.