Sharadha Terry gets investment from Good Fashion Fund for new rugs unit | Manufacturing News India
Summary
The FOUNT-managed Good Fashion Fund (GFF) has invested in Sharadha Terry Products Private Limited (STPPL), a well-known Indian manufacturer and supplier of premium bed and bath products from Metupalayam that go by the MicroCotton\xae trademark.The US $ 1.75 million loan from the US would help STPPL establish a new bath and area rug business, Sri Gugan Mills, in Metupalayam, Tamil Nadu.This investment completes the Good Fashion Fund, and FOUNTs goal is to create a follow-up fund (Good Fashion Fund 2.0) that builds on the GFFs successful track record, networks, lessons learnt, and methodology.GFFs investment in Sharadha Terry Products will go towards installing a cutting-edge tufting machine and accessories. Other recycled fibres are being developed for new products.With a dedicated effluent treatment plant (ETP) for the rug unit that will recover up to approximately 98 per cent of wastewater (estimated by STPPL), STPPL will significantly reduce water consumption and eliminate the use of hazardous chemicals typically used in conventional dyeing from its process compared to conventional rug manufacturing units. More than 200 employment opportunities for both men and women are expected to be created by the unit, which will be run by employees from the surrounding Metupalayam regions.Sharadha Terry Products Private Limiteds managing director, Vikram Krishna, discussed the collaboration, saying the company is pleased to join the Good Fashion Fund in its efforts to provide creative and environmentally friendly solutions to the world market for home textiles. This investment strengthens Sharadha Terrys strong commitment to community development and environmental responsibility while allowing it to diversify into bath and area rugs.GFF is thrilled to increase its footprint in the home textiles sector with this investment in Sharadha Terry Products, said Bob Assenberg, Fund Director of the Good Fashion Fund. This cooperation is evidence of the companys dedication to sustainability and its objective as an impact fund to concentrate on the textile industrys lower echelons.