Textile-to-retail conglomerate Arvind on Tuesday said it has partnered with ACT Grants, a non-profit coalition of VC funds and start-up founders, to produce 3 crore N95 masks in the next 12 months.
Arvind has received a grant of Rs 10 crore from ACT Grants and will employ its manufacturing expertise on medical products and working capital to create a large, integrated facility for N95 mask production and distribution, the company said in a statement.
Through this partnership, Arvind and ACT Grants will jointly donate 90 lakh masks over the next year to charitable institutions, government bodies and other organisations, focusing on medical and non-medical professionals with the highest risk of contracting the virus.
Upon complete scale-up, the daily N95 mask production capacity will be approximately 2 lakh units, which would be operated, owned and managed by Arvind, the company said. This capacity would bridge the gap in supply and edge India towards self-sufficiency in N95 masks.
Besides masks, Arvind also manufactures protective coveralls and bio-suits for medical practitioners and frontline warriors. Arvind has supplied more than 1 lakh coveralls so far to the central and state governments.
First Published: Sept 15, 2020 5:14 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Rapido offers free rides to voters to polling stations on May 13 in Hyderabad, 3 other cities
May 6, 2024 5:49 PM
Lok Sabha elections 2024: Seats to date, all you need to know about third phase of voting
May 6, 2024 4:49 PM
Concerns on low voter turnout a "myth"; absolute number of voters correct way to analyse: Report
May 6, 2024 2:57 PM
Haryana Lok Sabha elections 2024: A look at JJP candidates
May 6, 2024 2:26 PM