On January 21, 2026, during the World Economic Forum in Davos Welspun World pledged a ₹300-crore investment to boost Jharkhand’s plastic manufacturing sector. This commitment follows a high-level meeting between Jharkhand Chief Minister Hemant Soren and Welspun World Founder-Chairman B.K. Goenka.
The investment is specifically targeted at the Deoghar Plastic Park, a burgeoning industrial cluster designed to transform Jharkhand into a regional hub for polymer-based manufacturing.
Welspun World: Investment & Focus Areas
Welspun’s entry into Jharkhand marks a strategic diversification from its traditional textile and line-pipe strongholds.
- Primary Investment: ₹300 crore for PVC-based plastics manufacturing.
- Location: The proposed Plastic Park at Devipur, Deoghar, which offers a centralized ecosystem for polymer industries.
- Secondary Interests: Welspun is also exploring large-scale opportunities in:
- Critical Minerals: Leveraging Jharkhand’s rich reserves of lithium, cobalt, and rare earth elements necessary for the global energy transition.
- Logistics: Investigating the development of a Logistics Park in Dhanbad and warehousing solutions along the state’s major industrial corridors.
Strategic Tie-up: Lulu Group & Agriculture
Chief Minister Soren also met with Yusuff Ali, Founder and MD of Lulu Group, to integrate Jharkhand’s rural economy with global markets.
- Sourcing Partnership: Lulu Group expressed interest in sourcing agriculture-based produce and forest-based products (such as honey, tamarind, and lac) directly from Jharkhand.
- Economic Impact: The partnership aims to provide direct market access for:
- Local farmers and women-led Self-Help Groups (SHGs).
- Communities whose livelihoods depend on minor forest produce.
- Next Steps: A high-level delegation from Lulu Group is scheduled to visit Jharkhand in early 2026 to assess quality standards and supply chain logistics.
Jharkhand’s Davos 2026 Outcomes
Jharkhand’s first-ever official delegation to Davos, marking 25 years of statehood, resulted in several “green” and high-tech commitments:
| Company | Investment / Scope | Key Focus |
| Tata Steel | ₹11,100 Crore | Green Steel Technology (HISARNA & EASyMelt) in Jamshedpur. |
| Welspun World | ₹300 Crore | PVC Plastics (Deoghar) + Logistics (Dhanbad). |
| Inox Air Products | ₹1,200 Crore | Industrial gas capacity expansion. |
| Infosys | Skill Development | Digital skilling and AI-driven mining solutions. |
“Jharkhand’s vision is clear—we do not want to remain just an exporter of minerals. Our goal is value addition, sustainable development, and concrete changes in people’s lives.” — Hemant Soren, Chief Minister of Jharkhand.