Welspun to invest Rs 5,000 cr in Telangana

Hyderabad: Diversified conglomerate Welspun Group on Thursday announced that it would invest Rs 5,000 crore in Telangana for setting up a logistics park and an ITeS facility which will create 50,000 direct and indirect jobs.

“We value our partnership with Telangana government and as a group we have been running our operations in the State successfully over the years. This project will create further employment in the State,” Welspun World Chairman B K Goenka, said after the ground-breaking ceremony of new manufacturing unit of Sintex BAPL Ltd, a wholly owned subsidiary of Welspun Corp Ltd, here. Telangana Industries Minister KT Rama Rao was the chief guest at the ceremony.

Sintex BAPL Ltd signed a memorandum of understanding (MoU) with Telangana government to set up the manufacturing unit at Chandanvelly in Rangareddy district with an investment of Rs 350 crore. The plant, which will be manufacturing water tanks and pipes, will create 1,000 jobs in Telangana region. Along with growing its market reach in water tanks segment, Sintex, a national iconic brand, plans to make its foray into pipes business through this project, which will have a mix of different types of PVC pipes and fittings. The total investment will be spread over the next three financial years.

B K Goenka further said Sintex is an iconic brand for its water tanks and foray into PVC pipes segment will strengthen its presence into the building material verticals further.

Welspun has taken this strategic step to consolidate its position as the most prominent and trusted partner in the building material category and this new unit is a major step in the direction, he added. Goenka also sought internal road connectivity and a sewerage treatment plant (STP) in the neighbourhood of the facility for the convenience of the company and the surrounding villages. Responding positively to his requirements, KTR assured to provide these facilities. He said, “The progressive policies and world class infrastructure offered by the State government have encouraged Welspun World to set up new facility in the State.”