Welspun to invest around USD586 million in Gujarat

India: Welspun India Ltd. has planned to make an investment to of USD586.1 million in Gujarat for next 3-5 years. The company plans to sign three different Mou’s with Gujarat government during the Vibrant Gujarat 2017 summit in Gandhinagar. The company has planned to invest USD293.06 million towards costal economic zones especially in Kutch, which would be a part of Indian government’s Sagarmala Project, USD146.5 million is planned for technical and capacity enhancement of current manufacturing facilities while another USD146.5 million are to be invested towards development of advanced textiles.

According to TechSci research, the company has made investments of USD1.46 billion during the past decade in Gujarat. With the inclining population and households, the companies have started investing into building up their market share in home furnishings market.

According to a report by TechSci Research, “India Home Furnishing Market By Product Type (Curtain Fabric, Upholstery, Bed Linen, Bath Linen, Kitchen Linen, Table Linen, Quilts/Blankets, Wallpapers, Blinds, Rugs and Carpets, and Other Made-ups), Competition Forecast and Opportunities, 2010 – 2020”, home furnishing market in the country is projected to grow at a CAGR over 8% during 2015 - 2020. Growing trend of custom designed furniture, growth in housing and real estate sectors, rising adoption of eco-friendly products and increasing demand for wallpapers, blinds, etc., is expected to continue driving home furnishing market in the country. India home furnishing market is a highly fragmented with several leading players across the value chain. Hospitality, healthcare, food services, residential and commercial sectors are the key end-use segments of home furnishing products in the country.