Sintex BAPL, a wholly-owned subsidiary of Welspun Corp. has entered into a formal agreement with the Government of Telangana to establish a manufacturing unit in the state. A memorandum of understanding (MoU) was signed to this effect. The unit, which is being set up under Telangana’s incentive scheme, will require an investment of Rs 350 crore over the next three years and will create 1000 jobs in the state.
The plant will manufacture water tanks and PVC pipes in Telangana. The company is growing rapidly in the water tanks segment and plans to begin manufacturing pipes, including PV pipes and fittings, too. This will help Welspun gain a strong foothold in the building materials space.
The ground breaking ceremony for the unit was performed in the presence of Telangana IT and Industries Minister KT Rama Rao and BK Goenka, chairman, Welspun World among others.
Telangana has been focusing on job creation for some time now. Earlier this year, the Central government had announced a few sites for establishing PM Mega Integrated Textile Regions and Apparel (PM MITRA) Parks for the textile industry. Telangana is one of the seven states identified for the purpose. The other six are, Tamil Nadu, Gujarat, Karnataka, Maharashtra, Madhya Pradesh and Uttar Pradesh.
It is expected that these parks will generate lakhs of jobs. Under the PM MITRA Parks model, the Centre and state governments will collaborate to increase investment (up to Rs 70,000 crore), promote innovation and create employment in the process of making India a global hub for textile manufacturing and exports.