February 26, 2024
Corporates

TCG Invests Rs 1,250cr In Hiking FDY Capacity At Garden Silk Mills

The Chatterjee Group (TCG), a private equity investor has invested Rs 1,250 crore for expansion of FDY capacity at Surat based Garden Silk Mills.

The new FDY plant has a capacity of 272 tons per day and state-of-the-art Oerlikon Barmag Wings+ machines will produce FDY for knitting and weaving applications.

Additionally, TCG has invested in hybrid renewable power to reduce overall carbon footprint. Further enhancement in renewable power is also underway.

Garden Silk Mills, which owned the iconic Garden Vareli brand, was acquired by TCG in 2021 through an insolvency resolution process.

Garden went into bankruptcy under the Insolvency & Bankruptcy Code after it failed to pay creditors

TCG said it is also actively working towards restoring the brand’s hold on the saree and fashion segments, effectively moving closer and growing stronger in the consumer facing side of business.

The company also has plans to set up industrial yarn and geotextile production facilities in various locations in the future.

TCG has a global footprint with investment of around US $8 billion in USA, Europe, and South Asia across several sectors like petrochemicals, life sciences, information technology, real estate, etc.

Garden Silk Mills was set up in 1979 and has two manufacturing plants in Jolwa and Vareli, both in Surat district.

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