AP textiles sector sees Rs. 4,380 cr investments flow

Visakhapatnam: The textiles sector in Andhra Pradesh received a major boost on Saturday with the signing of seven Memoranda of Understanding (MoUs) worth Rs 4,380.38 crore at the CII Partnership Summit here. The agreements, concluded in the presence of minister for handlooms and textiles S Savitha, are expected to generate 6,100 direct jobs across multiple districts.

Investors expressed interest in technical textiles, recycling, garments, silk and apparel manufacturing. New units will come up in Visakhapatnam, Chittoor, Guntur, Sri Sathya Sai and Anakapalli districts.

Kamadhenu Stika will invest Rs 90 crore to establish a unit in Machilipatnam, creating 650 jobs. Genius Filters plans to set up a Rs 120-crore facility at Gandrajupalle in Chittoor district, offering employment to 250 people.

Aravind Apparel Park will invest Rs 20 crore in Hindupur, generating 2,000 jobs, while Vamini Overseas Pvt Ltd. will invest Rs 35 crore in Guntur, also promising 2,000 jobs. MVR Textiles will spend Rs 105.38 crore in Visakhapatnam, providing work to 900 people, and BCUBE Textiles will invest Rs 10 crore in Anakapalli to employ 100 workers.

A major highlight was a Rs 4,000-crore investment commitment from Finland-based Infinited Fiber Company, which signed an MoU in the presence of Chief Minister N Chandrababu Naidu and minister Savitha. The company will establish its unit in Visakhapatnam, bringing textile recycling technology to India for the first time.

Savitha said the new textile policy introduced by the coalition government had attracted strong investor response, and assured that the proposed units would be established within six months.