Leading international strategic investor TCG forays into textiles
TCG unveils the rebirth of Garden Silk Mills Pvt. Ltd. and the Garden Vareli brand, revealing the kickstart of an INR 1,250 crore investment in their polyester yarn manufacturing unit in Surat.
Surat, Gujarat – Monday, Feb 12th, 2024: Commencing the Rs. 1,250 crore FDY Yarn expansion project at Garden Silk Mills Private Limited (GSMPL) signifies the onset of a period of swift advancement in the textile industry by The Chatterjee Group (TCG) led by the visionary Chairman, Dr Purnendu Chatterjee. Operating a cutting-edge manufacturing facility at Jolwa and manufacturing top-quality polyester chips, POY, FDY, and other specialised yarns.
“We at MCPI and GSMPL are committed to realising the strong textile vision of Dr Purnendu Chatterjee, Chairman, TCG.” – D.P.Patra, Whole Time Director and CEO, MCPI.
By venturing into textiles, TCG aims to establish a strong presence in the PTA-Polyester Downstream sector in the upcoming years. Both GSMPL and MCPI are focused on expanding their presence in various polyester segments to align with TCG’s vision of achieving substantial growth in textiles.
The company has invested significantly in new FDY yarn facilities and secured a 220 KVA electricity connection to improve operations. Moreover, TCG has implemented hybrid renewable power solutions to lower its carbon footprint, with plans for further enhancements in renewable energy. GSMPL has successfully launched its Fully Drawn Yarn (FDY) plant with a daily capacity of 272 tons, equipped with cutting-edge Oerlikon Barmag Wings+ machines to deliver top-notch FDY products.
Dr. Purnendu Chatterjee’s strategic investing expertise and visionary leadership have shaped TCG’s diverse global presence with an impressive track record. With investments exceeding $8 billion in the USA, Europe, and South Asia, TCG operates across sectors such as Petrochemicals, Life Sciences, IT, Real Estate.
Dr Purnendu Chatterjee’s unwavering dedication to knowledge and education led to the Centre for Research and Education in Science and Technology (CREST) creation. This top-tier research institute harnesses the human potential to the fullest. Focused on three key areas – Knowledge Generation, Knowledge Utilisation, and Knowledge Sharing, CREST excels in pushing the boundaries of Quantum Computing, Battery Technology, Neuroscience, Math, Cryptography, and Food Science Research.
With a dynamic presence in various sectors, The Chatterjee Group (TCG) adeptly manoeuvres through volatile markets while seizing growth and innovation opportunities. TCG’s emphasis on continuous learning empowers each member to strive for ongoing development, fueling the group’s expansion across diverse business domains through consistent value enhancements and fostering exponential growth in the future.
About TCG
TCG, a renowned global conglomerate founded in 1989 and based in New York, USA, has expanded its footprint worldwide, particularly in the USA, Europe, and South Asia, through a diverse portfolio of enterprises and an investment of approximately USD 8 billion. Helmed by visionary Chairman Dr Purnendu Chatterjee, the group has excelled in knowledge-intensive sectors, offering pioneering services in Finance, Life Sciences, IT, Petrochemicals, Tech for Chemical Companies, and Real Estate. Recent ventures into Food Technology and Logistics have bolstered its diverse subsidiaries.
About GSMPL
Established in 1979 in Surat, Gujarat, Garden Silk Mills Pvt. Ltd. (GSMPL) embarked on its textile journey, gaining prominence with its consumer brand, Garden Vareli. With locations in Jolwa and Vareli, the brand became a key player in India’s fabric and fashion industry. Despite recent business downturns, Garden Silk Mills remains a revered name with strong brand recognition. TCG is committed to reviving the brand’s presence in the saree and fashion sectors, strengthening its consumer-facing operations.
About FDY Plant
The latest Fully Drawn Yarn (FDY) facility, amounting to a Rs 1250 Cr investment and boasting a daily production capacity of 272 tons, signifies a fresh era in the textile domain. Equipped with cutting-edge Oerlikon Barmag machines renowned for their top-notch FDY output used in knitting, weaving, and sizing processes, this plant symbolises a technological breakthrough in the textile sector, brought forth by TCG via MCPI, ushering in a new wave of innovation.
