An Indian based textile firm Shreejikrupa Spinners has mooted investment plans of over $400 million in Bulawayo.

The City of Bulawayo may next year set up a new textile plant if plans tabled by Deputy Minister of Industry and Commerce Honourable Raj Modi come to fruition following his business tour of the Asian country a month ago.

β€œI can confirm that Shreejikrupa Spinners has indicated intention to come and set up a polyester plant here in Bulawayo whereby the company will come with the latest technology of recycling plastic into polyester,” he said.

Honourable Modi added that the project will obviously benefit Bulawayo immensely in terms of employment creation, not only from it but downstream industries as well.

β€œIt will obviously fill the massive void of unemployment which has been accelerated by the effects of de-industrialisation. On the other hand the investor we are talking about has big capacity to fulfill the local demand for polyester because at the moment we are relying on imports,” he said.

Prospects of Shreejikrupa Spinners setting up a plant in Bulawayo are high in light of the fact that government has designated the city as the beef and leather value chain and textiles and clothing special economic zone.

The company officials are expected in the country at beginning of next year for feasibility studies.