CHANDIGARH: Industries and Commerce, Investment Promotion, Power and Local Government Minister Sanjeev Arora on Monday said that the Punjab Government is steadily transforming Punjab into a preferred destination for investors, as he announced a major expansion by Ganga Acrowools Limited, a leading manufacturer of worsted woollen and fancy yarns.
In a press conference, the Minister Industries and Commerce, Investment Promotion Minister, Sanjeev Arora, stated that Ganga Acrowools Limited exports to over 60 countries and currently provides employment to more than 5, 600 persons, with an annual turnover of ₹850 crore. "The company has generated employment opportunities for more than 3, 000 persons over the last four to five years and has made consistent investments in Punjab under every industrial policy since 1998. This company will also generate additional 1, 500 plus employment opportunities through this fresh investment, ” he said.
Highlighting the scale of the new project, Minister Sanjeev Arora said that the company is now investing ₹690 crore in Punjab, of which ₹53 crore is being invested in a paddy stubble-based boiler and turbine. “This plant will consume approximately 1, 20, 000 tonne of paddy stubble per year, nearly 10, 000 tonne per month, and will help make an area of approximately 20 to 25 kilometre radius farm-fire free, ” he said, underlining that the project aligns industrial growth with environmental responsibility.