Welspun World to invest ₹40,000 crore in Gujarat for new green ammonia plant

CNBC-TV18 learns that the conglomerate is expected to begin production on its land bank in Kutch even as it bids for port land. "Prime Minister Modi has outlined the importance of green hydrogen for India," said Goenka, "We see a huge opportunity here in the next four to five years."

The investment commitment aside, Welspun is also in the process of investing ₹1,500 crore in additional capex to expand existing capacity for textile production, even as it looks to scale up its plastic business in Telangana, Odisha and Gujarat. The group's chairman said that India can tackle the China + 1 demand from global markets.

"We should prioritise getting size and scale to capitalize on China + 1," he said, "There is huge potential for India in R&D and services beyond manufacturing, but growth can only happen if manufacturing and services go hand in hand."

Welspun recently announced investments in Telangana and at the recently concluded Tamil Nadu Global Investors' Meet as well, where it committed to invest approximately ₹6,000 crore.

Last month, Welspun Living's Chief Executive Officer and Managing Director Dipali Goenka said the company would reach ₹ 15,000 crore in revenue by 2026.