Punjab Investors’ Summit: Homegrown firms announce major investments
Vijay C Roy
Mohali, February 24
On the concluding day of the Progressive Punjab Investors’ Summit, Punjab-based companies articulated business plans for the state.
The biggest announcement came from homegrown major-Trident Group, which promised aggregate investment of Rs 1,500 crore in expanding, upgradation and modernisation in the textile and paper venture.
Key investors
- Trident Group Rs 1,500 cr
- Vardhman Group Rs 600 cr
- Ganga Acrowools Rs 270 cr
- Sanathan Polycot Rs 1,700 cr
Trident Group chairman Rajinder Gupta said, “Rs 1,000 crore is earmarked for expansion in the textile sector, while remaining Rs 500 crore will be utilised to expand capacity and modernisation of group’s paper industry.”
Investing in 5G infra
We have invested more than Rs 15,000 crore in Punjab and employ over 50,000 people. The group will continue to invest in rolling out 5G infrastructure in the state. Spokesperson Bharti Enterprises
Trident has annual revenue of over Rs 7,000 crore and offers a wide range of products in categories of home textiles, stationery, paper, yarn and chemicals.
Ludhiana-based Vardhman Group will invest Rs 300 crore in expanding capacity of its specialised steel plant and another Rs 300 crore would be pumped in setting up a new textile unit.
Ganga Acrowools of Ludhiana, the largest manufacturer of knitting yarns in the country, has decided to invest
Rs 270 crore.
Bharti Group will continue to invest in rolling out 5G infrastructure in the state. A spokesperson of the Bharti Enterprises said, “We have invested more than Rs 15,000 crore in Punjab and employ over 50,000 people.”
Besides homegrown firms, Maharashtra-based Sanathan Polycot is also planning to set up a new state-of-the-art manufacturing facility for production of polyester, cotton and yarn at an industrial park in Fatehgarh Sahib district with an investment of around Rs 1,700 crore.
Similarly, Cargill India yesterday announced that the company was in process of doubling the investment in Punjab in the next two years. The company has presence in cattle feed. Further, RJ Group, which specialises in food and beverages sector is in process of doubling the production at its Pathankot unit. It has one more plant
in Phillaur.
Medanta Group has also mentioned that it plans to invest in healthcare sector in the state.
Furthermore, Club Mahindra plans to set up eco tourism resort at Ranjit Sagar Dam. Having invested over Rs 50,000 crore in Punjab, HPCL-Mittal Energy Limited (HMEL) has decided to increase their investment.
