SWM Limited has announced that it will not be moving forward with its proposed Greenfield project in Kathua, Jammu, citing non-viability in the current economic and geopolitical environment.
The company had earlier, on August 9, 2024, approved a capital expenditure of approximately ₹740 crore for setting up a new unit to manufacture recycled PET chips and recycled filament yarn. However, after reassessment, the Board of Directors concluded that the project was no longer feasible in the near term.
In its official statement, RSWM highlighted that incentives, subsidies, and other relevant approvals required for the project were unlikely to materialize soon. As a result, the Board has also approved the surrender of land allotted to the company for this initiative.
The decision was taken through a resolution by circulation, with the approval received at 5:01 p.m.
The cancellation reflects RSWM’s cautious stance in light of prevailing uncertainties, and the company is expected to recalibrate its future investment plans accordingly.
