Noida-based textile firm RSWM Ltd will invest ₹315 crore for the expansion of its compact cotton yarn capacity at its Lodha Unit in Banswara, Rajasthan.
Currently, the Banswara unit’s total spindle capacity is 95,376, and with the new investment, the spindle capacity is expected to increase by 51,072. The capacity will be added during the current fiscal, a company statement said.
RSWM Ltd exports yarns to over 90 countries and the decision to expand its capacity is in view of growing demand for cotton and the industry.
‘Opportunity to tap’
Riju Jhunjhunwala, Chairman and Managing Director, RSWM Ltd, said, “We hope that this decision will help fuel the next stage of growth for the cotton industry in India. We also seek to strengthen the economic ecosystem of the local region to provide jobs for the regional communities. This investment is also in line with the Indian Government’s vision of Atmanirbhar Bharat.”
He said there is an extensive market abroad for 100 per cent combed compact cotton yarn. “And this is an opportunity for us to tap,’ Jhunjhunwala said.