Welspun India launches traceability and ESG transparency rollouts with Wel-Trak 2.0 Blockchain

Welspun India, global leaders of home textiles is geared to transform the textile industry with Wel-Trak 2.0, an upgrade to Wel-Trak®, the company's patented end-to-end traceability technology introduced in 2018. The upgraded platform is designed to help the stakeholders - from Retailers to farmers and manufacturers to suppliers, traders, certifying bodies, and end consumers - to track raw materials throughout the supply chain back to its origin. Following this development, Welspun has become one of the first home textile manufacturer to use a Block chain and AI-based traceability platform at such a large scale, which is set to capture all its product lines, as well as major Sustainability-related data points. These include ESG metrics such as water usage, fair pay, power consumption, gender equality, among others.

As the world proceeds towards differentiating fast-fashion from sustainable fashion, the need to develop a more transparent, tamper-proof, and collaborative supply chain has become more critical than ever. Taking this concern forward, Welspun, in compliance with UN Social Development Goals (SDGs), is deploying the advanced cloud-based traceability technology across all its manufacturing units. Developed by InfiniChains, a renowned tech company headquartered in San Francisco, the unified data platform of Wel-Trak 2.0 is hosted on the cloud and boasts 99.9% availability. Aiming to optimize the fragmented global home textile value chain, Welspun is planning to move all product categories and fibers to the tech-based platform, thereby becoming a pioneer in the next-gen ESG data visibility technology.

Ms. Dipali Goenka, CEO & Jt MD, Welspun India Limited commented, "Environmental and social concerns are making modern consumers more cautious of their fashion and textile choices. In light of this, it is the responsibility of conscious brands to not only ensure that ESG parameters are optimally met but also that all stakeholders, including the customers and the consumers, have visibility into the processes across the value chain. Transparency and accountability are key factors in building the customer's trust and this is precisely what we aim to accomplish through our upgraded multi-level traceability solution Wel-Trak 2.0 which is enabled by blockchain, AI, and cloud technologies. Blockchain technology is ideal for creating an immutable, tamper-proof system that is immune to data manipulation and fraudulent behavior by members across the textile value chain. With Wel-Trak 2.0, we aim to underscore our commitment to our customers by ensuring that all of our processes are aligned with our ESG goals."

Shares of Welspun India Limited was last trading in BSE at Rs. 161.70 as compared to the previous close of Rs. 164.85. The total number of shares traded during the day was 127026 in over 1914 trades.

The stock hit an intraday high of Rs. 166.50 and intraday low of 161.00. The net turnover during the day was Rs. 20693324.00.

Source : Equity Bulls

Keywords

WelspunIndia INE192B01031 WELSPUNIND Textiles ESG WelTrak Blockchain