Leading yarn manufacturer, Ganga Acrowools Limited, has announced a major expansion in Punjab with an investment of ₹750 crore, including ₹53 crore for a paddy stubble-based boiler and turbine projects, said Sanjeev Arora, minister for industries and commerce and investment promotion, on Monday.
Addressing a press conference in Chandigarh, the minister said the new biomass plant will consume around 1.20 lakh tonnes of paddy stubble annually — about 10,000 tonnes per month — and help make an area within a 20–25 km radius farm-fire free. He said the project aligns industrial growth with environmental responsibility. The company exports to over 60 countries, employs more than 5,600 people and has an annual turnover of about ₹850 crore.
Arora said the company has created over 3,000 jobs in the last four to five years and made consistent investments in the state since 1998.
Company president Amit Thapar said that after an earlier investment announcement of ₹302 crore at the investor summit, the company revised its plan to ₹690 crore due to policy support and ease-of-doing-business measures, which have now been further enhanced to approximately ₹750 crore.
Thapar further explained that the new expansion would manufacture yarns for knitting, weaving, carpets, and segments of technical textiles. He added that ₹400 crore has already been invested, and the remaining amount will be deployed in the next 24 months. Punjab development commission vice-chairperson Seema Bansal was also present.
{{/usCountry}}Thapar further explained that the new expansion would manufacture yarns for knitting, weaving, carpets, and segments of technical textiles. He added that ₹400 crore has already been invested, and the remaining amount will be deployed in the next 24 months. Punjab development commission vice-chairperson Seema Bansal was also present.
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