In a bid to reduce dependence on external sources for raw materials, Textiles firm Welspun India is planning to scale up its yarn and cotton production at its two plants in Gujarat. In this regard, the company will invest up to Rs 1,000 crore in the next fiscal.
The Mumbai-based firm, which exports over 90 per cent of its production, has also set a target to achieve a turnover of $1 billion in the next four years from $650 million at present.
At present, the company is generating about 40% of its total requirement of yarn and fabric from its facilities. After expansion, it will go up to 75%. The company currently produces 44,000 metric tonnes of towels, 45 million meters of bed linen and 10,151 metric tonnes of rugs per annum.