Welspun’s carpet project delayed

Welspun’s carpet project delayed

0
Comments Off on Welspun’s carpet project delayed

Welspun India’s ambitious carpet project, involving a Capex of Rs 700 crore, will be completed only by March 2019. Earlier the company was aiming to complete the project in the last quarter of this calendar year which is unlikely to happen now. The company had projected a capex of Rs 450 crore during the current financial year for this project. However, the company could spend only Rs 230 crore on this project during the first nine months of the current financial year. According to the company sources, it is currently negotiating with various state governments for incentive packages and finalisation of the packages is consuming lot of time which eventually is causing delay in completion of the project.

In December 2016, Welspun India had announced its foray into flooring solutions by setting up a carpet manufacturing unit. The foundation stone for the project was laid by the Chief Minister of Gujarat, Vijay Rupani. The project is coming up at in Anjar, Gujarat to manufacture carpets, area rugs and carpet tiles.

Welspun India Ltd, part of the $2.3-billion Welspun Group, is one of the world’s largest home textile manufacturers, with a distribution network in more than 50 countries. It is the largest exporter of home textile products from India and supplier to 17 of top 30 global retailers.