Epic Group, a manufacturing multinational conglomerate headquartered in Hong Kong, will make an investment of around $20 million in Ranchi, State of Jharkhand, India, this year. Delegates from the company, led by Ranjan Mahtani, Chairman and Group CEO, were in New Delhi earlier this week and met Textiles Minister Government of India, Smriti Irani. The delegation is in Ranchi to meet the Chief Minister of Jharkhand, Raghubar Das to discuss the details.
In the visit, the delegation aims to assess and gain a perspective on the various opportunities that are available within the industry. They will also seek to understand the keenness and the clarity of the policymakers to welcome and encourage foreign investors in the local domain. Their intent to invest in the country is also driven by the fact that the promoters are of Indian origin and they want to contribute in their own way to the overall theme of development coupled with the infusion of technology as well as upskilling of the local workforce.
Ranjan Mahtani, Chairman and Group CEO, Epic Group, said, "At this point, we strongly believe that the environment is conducive and there is sufficient fiscal and policy level impetus, to facilitate progressive entrepreneurs to opportunities within the geography."
"The Group intends to set up a greenfield garmenting unit in India with around 40 lines at an investment of up to $20 million. The potential direct employment will be upwards of 4000 people with indirect employment potential upwards of around 20000 people. Ranchi in Jharkhand looks most promising as a potential location and we look forward to starting our association with the state," he added.