Silver Crest Clothing Private Limited has signed up with the Andhra Pradesh Economic Development Board to set up of ₹100 crore readymade garment manufacturing unit in Andhra Pradesh.
The factory will have a capacity of 20.4 million units per year and potentially generate direct employment of over 2,250 and indirect employment of 250.
The MoU was signed by J Krishna Kishore, Chief Executive Officer, APEDB and Jeet Golcha, Director, Silver Crest Clothing.
Established in 1995, Silver Crest is a major manufacturer of fine tailored clothing in South Asia and manufacturer of high quality suits for an array of leading brands across US, with growing presence in France and UK.
The firm has a capacity to make over four million garments per year across four facilities in Bengaluru and currently employs 7,700. The firm has captured a significant share of tailored clothing, and caters to many international clients.
Kishore said in a statement, “This MoU is a step in the right direction as textiles is a priority sector for the government of Andhra Pradesh and the government envisages increasing productivity and efficiency in the cotton-to-garment value chain”.
Golcha said, “We are excited to align with Andhra Pradesh’s industry friendly new textile policy and make small contributions to the impact it is making within the State and the nation.”
Andhra Pradesh unveiled a new textile policy 2018-23 which aims to attract investments worth ₹15,000 crores and create 2.5 lakh jobs in the State.