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Gujarat Heavy Chemicals (GHCL) Limited told the media that it will invest Rs 500 crore in Tamil Nadu and has signed a Memorandum of Understanding (MoU) with the government. GHCL Yarn Division CEO, M Sivabalasubramanian, has exchanged the documents with the Managing Director and CEO, Pooja Kulkarni, in the presence of the Chief Minister, M K Stalin, during the Investment Conclave meeting in Coimbatore. The company said that it would set up 40,000 ring spindles in Manapparai, Tiruchirappalli, for producing synthetic and synthetic blended yarn to cater knitting and weaving segments in the district. It has planned to install 40,000 ring spindles and 24 knitting machines in Madurai for producing 100% cotton yarn and knitted fabrics. The company said that it has planned to develop an Extra High Tension(EHT) power transmission line in Manapparai. As a part of its sustainable business development, the company will set up a 20 MW solar power park near Musiri in Tiruchirappalli. After setting up a 20 MW solar power park, the company will meet 70% of the company's renewable requirements. The company said that around 52% of the energy required for the yarm segment was fulfilled from renewable energy. Managing Director of GHCL Limited, R S Jalan, told the media that the MoU would help in creating value for the community following the company's strategic growth plans and sustainability targets. It will enhance the energy portfolio to almost 90% of the energy requirements from renewable energy sources. Image Source