PurFi Global, a proven innovator in textile rejuvenation technology, and its joint venture partner, Arvind Limited, a global leader in textile manufacturing, announced plans for a significant manufacturing scaleup to support the sustainability goals of leading global fashion and design companies. Many brands and retailers have demonstrated leadership in advocating for a circular economy, committing to use 100% recycled or sustainably sourced materials by 2030.
The joint venture, PurFi Arvind Manufacturing India (PAMI), will activate ten production lines over the next four years with the construction of a state-of-the-art textile circularity facility in Gujarat, India. The site will launch operations with 3,500 metric tons plus a secondary line of 5,500 tons of rejuvenated fiber capacity annually, leveraging PurFi's proprietary technology to convert textile waste into fibers. Designed with scalability and efficiency in mind, the facility has the capacity to expand to 10 large production lines over the next three years to meet the growing demand from global brands and retailers.
"We are committed to enabling leading brands and retailers to provide their customers with the best combination of fashion, quality, price and sustainability," said Joy Nunn, Chief Executive Officer, PurFi Global. "Our ability to meet global demand for virgin-like rejuvenated fibers is unparalleled and is made possible through decades of innovation and a robust intellectual property portfolio. We have proven experience in transforming textile waste through our manufacturing sites in the U.S., along with an established joint venture, PurFi Manufacturing Belgium, which is at the forefront of textile upcycling on a global level with more than five years of rejuvenated fiber and fabric production."
"With the significant commitment of major brands and retailers to purchase our highquality rejuvenated fibers and the facility construction in India underway, we are poised to expand global operations exponentially, meeting the increasing demand from brands and manufacturers. Together with Arvind and our customers, we are committed to closing the textile loop, reducing waste and supporting impactful recycling technologies. We have a passion for innovation that will have a transformative impact based on significant investments - financial, technological, and personal - to change the world, one fiber at a time," Ms. Nunn concluded.
Punit Lalbhai, Vice Chairman, Arvind Limited, commented, "Our organizations share a common value system with a commitment to address the pressing issue of textile waste while advancing sustainability goals. This partnership provides an innovative solution to tackle textile waste and also strengthens our commitment to being 'Fundamentally Right.' We are excited to work with PurFi's ground-breaking technologies to drive the next phase of growth in textile manufacturing, while significantly reducing environmental impact. The circular economy is increasingly seen as essential for the future of the textile industry. By tackling textile waste, we are paving the way for a systemic shift that will benefit consumers, producers, and the planet."
Shares of Arvind Limited was last trading in BSE at Rs. 401.35 as compared to the previous close of Rs. 402.20. The total number of shares traded during the day was 6795 in over 506 trades.
The stock hit an intraday high of Rs. 404.05 and intraday low of 396.90. The net turnover during the day was Rs. 2718710.00. |
