TCG to invest ₹1,250 crore for expansion of Garden Silk
Times of India | 13 February 2024
Kolkata: Purnendu Chatterjee led TCG group is investing Rs 1,250 crore in a fully drawn yarn (FDY) expansion project at Garden Silk Mills Private Limited (GSMPL). MCPI of TCG Group acquired Garden Silk Mills two years back.
The state-of-the-art manufacturing plant at Jolwa, Gujarat produces high-quality polyester chips, FDY and other specialty yarns, and the Garden Vareli brand has a contemporary collection of sarees and dress materials.TCG chairman Purnendu Chatterjee told TOI that this investment in GSMPL will also strengthen the company’s petrochemical businesses which include HPL and MCPI. “We at MCPI and GSMPL are committed to realising the strong textile vision of Purnendu Chatterjee, chairman, TCG,” MCPI whole time director and CEO D P Patra said.
With the foray into textiles, TCG aims to be a key player in the PTA-Polyester Downstream segment in the coming years.
In line with TCG’s vision to attain exponential growth in textiles, both GSMPL and MCPI are looking to ramp up their footprint in various polyester segments in the coming years. The company has invested in hybrid renewable power to reduce its overall carbon footprint. Further enhancement in renewable power is underway.
GSMPL had commissioned the FDY plant having a capacity of 272 Tons per day. The Oerlikon Barmag Wings+ machines will produce FDY for knitting, weaving, and sizing applications. The company also plans to set up industrial yarn and geotextile facilities in different locations in the future. TCG has a global footprint with a presence in petrochemicals, life sciences, information technology, real estate, technology for chemical companies, fin-tech and more.