Wazir Advisors support GFF–Sharadha Terry rugs project
Wazir Advisors acted as the technical consultant to GFF, conducting a detailed evaluation of the proposed investment in STPPL’s new sustainable rugs manufacturing unit.
Good Fashion Fund (GFF), managed by FOUNT, with the technical support of Wazir Advisors, a premier management consulting firm, has made an investment in Sharadha Terry Products (STPPL) – a renowned Indian manufacturer and exporter of high-quality bed and bath products under the MicroCotton brand from Metupalayam. Wazir Advisors acted as the technical consultant to GFF, conducting a detailed evaluation of the proposed investment in STPPL’s new sustainable rugs manufacturing unit.
The US Dollar 1.75 million loan will support STPPL’s investment in the setup of their new bath and area rugs unit (Sri Gugan Mills) in Metupalayam, Tamil Nadu, featuring a state-of-the-art tufting machine and accessories. The new rugs unit has an annual capacity of 4 million sq m of dope dyed polyester and cotton bath rugs, with other recycled fibres under development for future products. Designed with sustainability at its core, the unit will significantly minimise water usage and eliminate hazardous chemicals typically used in dyeing. This is supported by an in-house effluent treatment plant (ETP) capable of recovering approximately 98 per cent of wastewater (as estimated by STPPL). The unit will be operated by workers from the nearby regions of Metupalayam and is anticipated to create more than 200 jobs for both men and women. STPPL sources the majority of its power through captive generation from windmills (5.1 MW) and a solar plant (10.1 MW).
Speaking on the partnership, Vikram Krishna, Managing Director of Sharadha Terry Products, said, “We are proud to partner with the Good Fashion Fund in our journey to bring innovative and sustainable solutions to the global home textiles market. This investment enables us to expand our product portfolio into bath and area rugs while reinforcing our deep commitment to environmental stewardship and community development. At Sharadha, we believe that growth and responsibility go hand in hand – and with this support, we are building one of India’s most resource-efficient rug manufacturing units, powered by clean energy and operated by local talent.”
This investment marks the final deployment under the current Good Fashion Fund, with plans for a successor fund (Good Fashion Fund 2.0) underway, building on the successes and learnings from this phase.
Bob Assenberg, Fund Director of the Good Fashion Fund, commented, “We are elated to expand our presence in the home textiles segment with this investment in Sharadha Terry Products – being our final investment from the GFF. This partnership is a testament to Sharadha Terry’s commitment to sustainability and our goal as an impact fund to focus on deeper tiers of the textile industry. We extend our sincere thanks to Wazir Advisors for their technical support in evaluating this investment and look forward to continued collaboration in promoting best practices in sustainable textile manufacturing.”
Varun Vaid, Business Director at Wazir Advisors, mentioned, “It is encouraging to see forward-looking manufacturers like Sharadha Terry taking meaningful steps towards responsible production, and we are pleased to have supported the Good Fashion Fund in the evaluation of their investment. Wazir is committed to driving progress in the textile and apparel sector and contributing our expertise to advance sustainable and impactful industry practices.”
With India as a prominent home textile player globally, STPPL is well-positioned to build on its brand legacy and reputation through this strategic expansion, increasing their revenue potential while advancing its commitment to sustainable and resource-efficient manufacturing.
