The JV was initiated under the leadership of Epic Group chairman Ranjan Mahtani, and in partnership with Creative Group, which is led by chairman Vijay Agarwal.
The collaboration was marked by a non-binding memorandum of understanding (MOU) signed on 9 January 2025, which has now been formalised through a shareholder agreement.
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The venture is supported by an initial funding of $15m and aims to reach a turnover of Rs5bn ($60m) in the foreseeable future.
Under the Spectra JV, the inaugural project is a denim and bottoms manufacturing plant with the capacity to manufacture 700,000 units monthly.
Spectra will lay emphasis on sustainable practices, innovative approaches, and initiatives that contribute to community growth.
Some of the key features of the initiative include use of renewable energy sources to maintain a reduced carbon footprint; creation of 3,000 jobs initially, with the goal of increasing employment opportunities to 10,000 as operations expand; and introduction of advanced manufacturing techniques for apparel production.
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By GlobalDataCombining the manufacturing expertise of Epic Group with Creative Group’s 50 years track record in textiles, the collaboration seeks to deliver value to clients, associates, and stakeholders and contribute to India’s ascent as a leading centre for eco-friendly garment manufacturing.
“We remain grateful for the opportunity to work alongside dedicated teams and partners who share our vision. This is just the beginning, and we look forward to sharing more updates as Spectra grows and evolves,” said Epic Group.
