Chairman B K Goenka Announces Welspun Group’s Multi-Crore Investment Plan at Vibrant Gujarat Global Summit, Paving the Way for Plastics Business in Jammu and Kashmir
Green Hydrogen and Plastic Expansion: Welspun Group's Visionary Investment Strategy Includes Over Rs 40,000 Crore Allocation, Setting the Tone at Vibrant Gujarat
Gujrat, 12-01-2024 : The Welspun Group, a prominent player in various industries, has unveiled plans to invest over Rs 500 crore in the plastics business in Jammu and Kashmir, according to an announcement made by the group’s chairman, B K Goenka, on Friday. This significant investment is part of the group’s larger commitment of over Rs 40,000 crore for various projects, including ventures into green hydrogen and green ammonia.
The Memorandum of Understanding (MoU) outlining the investment in J&K was formally signed in the presence of Lieutenant Governor Manoj Sinha on the sidelines of the tenth Vibrant Gujarat Global Summit. B K Goenka elaborated on the investment, stating, “We’ve signed an MoU to invest Rs 500 crore plus in our plastic activities, under the brand name of Sintex, covering water tanks, pipes, and various other products over the next 2-3 years.”
The focus of investments in Gujarat will extend to the burgeoning sectors of Green Hydrogen, Green Ammonia, and the expansion of plastic and textile divisions. B K Goenka expressed optimism about these new ventures in clean energy, emphasizing their potential for the future. He highlighted the importance of such strategic investments, considering them as crucial elements for the evolving energy landscape.
Responding to queries about the possibility of equity raising to fund these substantial investments, Goenka clarified that there are no such plans. He stated that the group’s cash flows from all its companies are robust enough to meet the funding requirements without resorting to equity raising.
Reflecting on the significance of the tenth Vibrant Gujarat Global Summit, Goenka, who has attended all ten summits, characterized the current edition as distinctively futuristic and progressive. He commended the commitments made by investors, particularly in areas like green hydrogen and semiconductors, marking a significant shift toward sustainable and cutting-edge technologies.
Expressing confidence in the positive outcomes of these investments, Goenka emphasized that Gujarat is poised to reap substantial benefits from these forward-looking commitments. The Welspun Group’s strategic foray into plastics in Jammu and Kashmir and its focus on emerging sectors underscore its commitment to both regional development and staying at the forefront of innovative, sustainable business ventures.
