A turnkey project is one which is designed, developed and equipped with all facilities by a company under a contract. It is handed over to a buyer when it becomes ready to operate business. Obviously, the company responsible for building a turnkey project does it for the cost as agreed in the contract. The work of the company includes design, fabrication, installation, aftermarket support and technical service for the turnkey project.

Also spelt as turn-key, such projects are mutually beneficial for the firm that develops them and the player that eventually takes control of such projects. Some of the major benefits of turnkey projects are listed below:

• Cost saving: A company hires firms that are willing to make projects at a cost mentioned in the contract.
• Time saving: As there is no need for companies to waste their time and energy on developing a facility, they get time to grow their own businesses.
• Hassle-free: As someone is dedicating time and energy to build the facility, the main operator is free from all sorts of legal and technical challenges, an inherent feature of the project development, especially in a country like India.
• Access to expert knowledge and technical know-how: A company running a textile business may not be an expert in building and operating a textile manufacturing unit. So, turnkey projects offer them a chance to hire experts in the concerned field.