Textile producer Pallavaa Group plans to invest Rs 500 crore in the next five years to expand capacity and enter into textile processing. According to Durai Palanisamy, the group’s executive director, the group signed an MoU with the Tamil Nadu Government at the recently held Global Investors’ Meet.
The company, with focus on synthetics and blends, has spinning, weaving, and knitting facilities in Erode. Apart from increasing the existing capacities and investing in textile processing, the investments (equity and debt) will also go into scaling up its wind and solar energy generation. The group’s annual turnover of Rs 2,200 crore is expected to rise to Rs 4,000 crore when the capacity is expanded.
“We see growth in synthetics, especially blends, in the Indian and global markets,†he said. “India is a growing economy and when the per capita consumption of textile increases, the demand for synthetic textiles will increase. “We see potential in the domestic market. So, we plan to expand,†he said.