Informist, Friday, Sep 17, 2021

HYEDERABAD – Jute and jute-based products manufacturing company Gloster Ltd today signed a memorandum of understanding with the Telangana government to set up a unit in Warangal with an investment of 3.3 bln rupees, according to a press release issued by the state industry minister's office.

Kolkata-based Gloster is engaged in the manufacturing of jute bags and jute-based allied products, including jute fabric. The company currently has two manufacturing units in West Bengal.

The Telangana government said along with Gloster, another two privately held companies--Kaleswharam Agro Pvt Ltd and MBG Commodities Ltd--also signed an MoU with the state government to set up their jute and agriculture commodity product units in the state.

The new unit is likely to reduce the shortage of gunny bags in Telangana, which is now producing record paddy output due to abundant irrigation facilities, the release said.

The unit is expected to provide direct employment to over 2,500 rural youth, the release added. The company is expected to produce 50 mln jute bags a year at the new facility.

At 1336 IST, shares of Gloster were trading at 1,220.05 on National Stock Exchange, up 4.2% from the previous close.  End

End

US$1 = 73.54 rupees

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Narayana Krishna

Edited by Snigdha Kuttikat

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2021. All rights reserved.