Sintex intends to complete this project by 2017-18.
Gujarat-based Sintex Industries has said that it will invest Rs 5,500 crore by 2017-18 to set up a textile processing plant near Pipavav port in Gujarat, according to a PTI report.
"We would be investing Rs 5,500 crore to set up this project (textile processing plant), which is located 6 kms away from Pipavav port in Amreli district," Sintex Industries MD Amit Patel told PTI.
He added that the company has already penetrated into textile business in Gujarat with one of their plants in Kalol town near Gandhinagar.
"We intend to complete this project by 2017-18. We will be focusing on knitting, spinning and weaving of textile in this facility," he said further.
The company informed that the Pipavav unit will be the 10th plant of Sintex Industries in India.
Patel also said that Pipavav plant will have one million spindles, 2,400 weaving machines and a capacity to churn out 600 tonne of knits. The plant is likely to generate 8,000 jobs for both men and women.
"Phase-one of Pipavav textile processing plant will be operationalised by March-2015 and we will be adding one lakh spindles every two months and then finish the project till 2017-18. The company's turnover was Rs 6,400 crore during the last fiscal with the growth rate of 20 per cent. We expect a turnover of Rs 9,000 to 10,000 crore for the company after the Pipavav plant will run at its full capacity," said Patel.