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Chiripal Group, a Gujarat-based textile group, has proposed that the state invest Rs 5,400 crore for the establishment of a solar cell in Ratlam and a textile unit there.
According to the Industry Policy and Investment Promotion Department the Gujarat-based group proposed setting up a unit for solar cell, solar glass, and PV module production in Ratlam, with a capital investment amounting to Rs 4,600 crore. The unit will be located on approximately 250 acres.
The company proposes to create employment opportunities for approximately 3,000 people.
It also plans to establish a textile plant in Ratlam on 30 acres. The investment will be Rs 800 crore. This unit will provide employment for 900 people.
According to company information, the Gujarat-based company has diversified businesses in the areas of spinning, weaving and knitting, as well as chemical processing and petrochemicals. According to the industry section, Jyotiprasad Chiripal, the director for the group, met with Chief Minister Shivraj Singh Chouhan in Bhopal early this week.
India is still facing severe shortages in the market for solar cells and solar glass, even though the markets are moving towards larger capacity modules.
Madhya Pradesh would welcome the proposed Ratlam investment. In recent years, the state has been increasing its solar capacity through the establishment of solar parks and plans to develop more solar projects.
The group has strong manufacturing experience due to its forard and backward integration in textiles.