Vardhman Textiles Partners with EY Parthenon (EYP) to Accelerate Sustainability Through GreenWeave Programme

Ludhiana, Punjab – Vardhman Textiles Ltd., a leading Indian textile manufacturer, and EY Parthenon (EYP), a global leader in strategy consulting services, announced a joint initiative named "GreenWeave." Through this collaboration, EYP will serve as Vardhman’s trusted strategy advisor, guiding us on value creation through our Environmental, Social, and Governance (ESG) and Net Zero commitments.

Project GreenWeave signifies Vardhman's commitment in ensuring 100% compliance with ESG best practices and achieving ambitious Net Zero goals. The kickstart of the program primarily focuses on improvement in ESG aspects and strengthening Vardhman’s ESG disclosures aligning with evolving global regulations and standards. Greenweave also covers a comprehensive decarbonization strategy, aligned with the Science Based Targets initiative (SBTi) and Manufacturer Climate Action Program (MCAP), which are the key requirements of global clients. These initiatives target not only emission reduction but also cost saving opportunities for Vardhman Textiles while contributing to a clean environment agenda.

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Ms. Suchita Oswal Jain, Vice Chairman & Joint Managing Director of Vardhman textiles?said, "The GreenWeave project underscores our unwavering commitment to sustainable practices. Our company has taken several initiatives to reduce GHG emissions viz. expansion plans of solar power from current 15.2 MW to 65 MW in the coming years, water conservation, energy mix diversification and plastic waste management are some key initiatives we have taken to address environmental issues. We are steadfast towards Net Zero ambition. Our strong commitment towards sustainability and the proven track record of EY Parthenon’s capability will be invaluable in guiding us on this transformative journey. We are confident that this collaboration will empower us to achieve our ambitious sustainability goals while creating long-term value for our stakeholders."

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Kapil Bansal, Partner and Leader of Industrial Decarbonization, EY-Parthenon India,?"EY Parthenon is honored to partner with Vardhman Textiles on GreenWeave. Our team is dedicated to working collaboratively with Vardhman to navigate the complexities of sustainability and achieve their ambitious net zero goals. There is a clear need to assess the environmental impact across the entire textile value chain for Vardhman. Our focus is intended to identify value creation in the areas of process optimization, circularity, clean energy substitution, alternative feedstocks, energy efficiency and use of EY proprietary tool ESG Compass for all ESG related data reporting and compliance. The project GreenWeave embodies our commitment to supporting businesses in their sustainability endeavors”.

For more information about Vardhman Textiles sustainability initiatives, decarbonization roadmap, and SBTi commitment, please visit?Vardhman – Leading Sustainable Textile Company in India

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About Vardhman Textiles

Vardhman Textiles Ltd. is India’s largest vertically integrated textile manufacturer, with multiple production facilities across the country. With an annual turnover exceeding a billion dollars, we produce 240,000 metric tons of yarn and 220 million meters of woven fabric each year. At Vardhman, we are committed to continuous sustainable development and are dedicated to finding innovative solutions that promote environmental sustainability while enhancing operational efficiency.

Vardhman Textiles is at the forefront of sustainability in the textile industry, implementing a range of initiatives to reduce environmental impact and promote green manufacturing. Our comprehensive energy strategy includes the integration of biomass fuels, replacing traditional fossil fuels, and substantial investments in green energy, ensuring a steady supply of renewable energy. We also actively explore opportunities to reuse materials within our operations, with 28% of our fibre raw material being recycled. A key initiative is the Vardhman Recycling Plant which converts textile waste into new fibres for creating new clothes and other textile products, significantly reducing the environmental impact of textile waste.

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For more information about our organization, please visit https://www.vardhman.com/

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About EY-Parthenon

With over 6,500 EY Parthenon professionals and 750+ partners across the globe, EY Parthenon is one of the largest strategy consultancies in the world. EY-P help CEOs and business leaders design and deliver transformative strategies across the entire enterprise, to help build long-term value to all stakeholders. With a result-oriented approach, EY-P teams bring experience and scale to each client, helping them to realize their strategies. By connecting teams and technologies from within EY-P and the broader EY ecosystem, EY-P can provide clients with corporate, transaction and turnaround strategies that are actionable and impactful and that help deliver long-term, sustainable value.

Whether it’s digital transformation, sector convergence and dislocation, or financial and operational complexities, EY-P teams bring data analytics, leading technology, and digital capabilities to a CEO’s toughest strategic issues. In doing so, EY Parthenon teams can move quickly from idea to implementation to help clients realize their strategy with speed and certainty; we call this Strategy Realized.

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For more information about our organization, please visit?https://www.ey.com/en_in/strategy/about-ey-parthenon?