Welspun Group to invest Rs 500 cr towards plastics biz in J&K

Gandhinagar, Jan 12 (PTI) The Welspun Group on Friday announced a plan to invest over Rs 500 crore in plastics business in Jammu and Kashmir, a top official said.

Speaking to PTI, the group’s chairman B K Goenka said it will invest over Rs 40,000 crore for multiple projects including the new bets of green hydrogen and green ammonia.

The Memorandum of Understanding (MoU) for the investment in J&K was signed in the presence of Lieutenant Governor Manoj Sinha on the sidelines of the tenth Vibrant Gujarat Global Summit here.

“We’ve signed an MoU to invest Rs 500 crore plus in our plastic activities, under the brand name of Sintex, whether it is water tanks, pipes and everything else in the next 2-3 years,” Goenka said.

The investments in Gujarat will be focused on Green Hydrogen, Green Ammonia and expansion of plastic and textile divisions.

“It’s a new bet on new energy, but I think it’s the future. I think there is big potential,” he added.

When asked if the group will be going for an equity raising given the investment plan, Goenka said there is no such plan as the cash flows from all the group companies are sufficient to take care of the funding requirements.

Goenka said he has been present for all the ten summits, and called the current one very different for being futuristic and progressive for it entailed commitments made by investors in areas such as green hydrogen and semiconductors.

He exuded confidence that in the future, Gujarat will benefit a lot from this and the same will be seen in the future.