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Trade 2021-12-09

Government is not keen on imposing 'Anti-Dumping Duty (ADD) on polyester spun yarn in India

09 December 2021, Mumbai:

The Indian government is not keen on imposing anti-dumping duty (ADD) on imports of polyester spun yarn (PSY) originating in or exported from China, Indonesia, and Vietnam, as recommended by the Directorate General of Trade Remedies (DGTR). This was indicated by minister of commerce and industry Piyush Goyal during his meeting with NITMA representatives.

Goyal, who is also the minister of textiles, told representatives of the Northern India Textile Mills Association (NITMA) this week that the industry should develop itself to face global competition, and not to expect protection from the government in the era of the open market. The minister, however, assured the representatives of ensuring a level playing field for all the stakeholders in the textile sector.

NITMA officials told Goyal that domestic man-made yarn manufacturers are liable to pay an import duty of 5.5 percent on man-made fibre which makes domestic manufacturers uncompetitive against the imported PSY.

In response, the minister told industry representatives to not to push for ADD on PSY in the current scenario, a source told Fibre2Fashion on the condition of anonymity. However, he assured them that he will look into the issues which are important to ensure a level playing field.

PSY import by India has increased by 943 percent during the past five years, and imports from Vietnam alone have increased by 88 times. In 2020-21, India imported 60,810 tonnes of PSY, accounting for 23 percent of the total 264,000 tonnes consumed by the domestic market. Sensing that this trend is increasing at a great speed, NITMA had been advocating levying of ADD on PSY.

In August 2021, the DGTR had recommended that ADD be imposed on PSY originating in or exported from China, Indonesia, and Vietnam. However, an official notification announcing the date from which the ADD would come into effect never materialised.

Fibre2Fashion (The news article has not been edited by DFU Publications staff)

Anti-Dumping Duty 🛳️ Explainer + Example - Shippo

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Trade 2021-12-09

Government is not keen on imposing 'Anti-Dumping Duty (ADD) on polyester spun yarn in India

'Multi-Channel Approach' to drive the future of Indian retail sector: Deloitte Report

08 December 2021, Mumbai:

The future of the retail sector will be defined by a multi-channel approach where online and offline channels will support each other, the report noted. The sector will see a blend of brick-and-mortar stores with online selling platforms, with both likely to continue to grow in markets like India.

“Today’s consumer is a convenience-craver, who is looking for value, instant gratification, range, and assortment across any channels he/she shops at. Covid-19-induced lockdowns over the past 18 months have dramatically changed shopper journeys and behaviors,” Rajat Wahi, partner, DTTILLP, said.

According to Wahi, from online research and buying to increased preference for comfort and digital payments/e-wallets, home delivery and ease of returns, internet-based shopping trends are likely to continue even as malls and shopping centres open up.

“Technology acceleration and adoption across the consumer and retail industries will continue to play a critical aspect for surviving and thriving in the new normal and coping with the rapid changes. In addition, retail businesses will need to continue to focus on the in-store and online customer experience-led engagement to cater to a new, tech-savvy, and conscious consumer. Successful brands will have to maintain the right balance between the online and offline channels as we move ahead in a data-driven economy,” Wahi added.

The report also highlights how large technology platforms are enabling the rapid transformation of retail, from Google Cloud and AWS to SalesForce Commerce.

The transformation makes it easier for retailers to leverage these platforms to expand their online businesses through advanced analytics, better forecasting and demand planning, deeper connection with their shoppers and business partners Financial Express (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

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Trade 2021-12-08

'Multi-Channel Approach' to drive the future of Indian retail sector: Deloitte Report

Garware Technical Fibres has a healthy capex plan for FY22: Shujaul Rehman, CEO

08 December 2021, Mumbai:

Garware Technical Fibres has a CAPEX plan of Rs 40-50 crore for FY22: Shujaul Rehman, CEO

Shujaul Rehman, CEO, Garware Technical Fibres, talks to Zee Business' Swati Khandelwal about domestic and international businesses, the impact of new COVID variant, expected performance by the end of the current financial year, government targets to increase technical textile export by 5 times.

Shujaul Rehman, Chief Executive Officer (CEO), Garware Technical Fibres Ltd, talks about the domestic and international businesses, the impact of the new COVID variant, expected performance by the end of the current financial year, government targets to increase technical textile export by 5 times, diversification proposed GST rate hike on fabrics and garments, raw material prices and CAPEX, among others,

zeebiz.com (The news article has not been edited by DFU Publications)

In interaction with Mr. Shujaul Rehman; CEO, Garware Technical Fibres Limited - Dalal Street Investment Journal

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Trade 2021-12-08

Garware Technical Fibres has a healthy capex plan for FY22: Shujaul Rehman, CEO

The Cotton Corporation of India (CCI) is operating 71 Procurement centres in Andhra Pradesh (AP) to aid cotton

07 December 2021, Mumbai:

The Cotton Corporation of India (CCI) is operating 71 procurement centres in the state to assist the cotton growers.

The CCI said that for the 2021-22 season, they have opened 30 procurement centres besides 41 procurement points at notified ginning and pressing factories, said CCI Guntur branch manager G Sai Aditya.

He added the Centre has announced a minimum support price (MSP) of Rs 6,025 per quintal for the current season. This is the rate at which cotton is being purchased at the Adoni market at Rs 7,689 per quintal and this year, the highest amount paid to the farmers has been Rs 8,219 per quintal, Sai Aditya said.

"The CCI does not procure cotton that does not belong to the Fair Average Quality (FAQ) grade," he said. The CCI is particular about the procurement of FAQ grade cotton, which is determined by the moisture level, which should range between 8 percent and 12 percent.

"If the moisture is above 12 percent, the CCI will not procure it," Sai Aditya asserted.

Further, the CCI does not procure immature cotton or those with red, yellow, or black marks as such cotton is below the FAQ grade, he added. The rains have damaged the cotton crop this season, leaving the CCI unable to procure cotton in these places.

TOI (The news article has not been edited by DFU Publications staff)

Reorganisation of districts in AP turning out to be a ticklish job

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Trade 2021-12-07

The Cotton Corporation of India (CCI) is operating 71 Procurement centres in Andhra Pradesh (AP) to aid cotton

Walmart CFO indicates FLIPKART India 'IPO' in the US without setting a timeline

08 December 2021, Mumbai:

Walmart chief financial officer (CFO) Brett Biggs said there is no specific timeline to Flipkart's initial public offering even as the online retailer is on its path to profitability.

"The (Flipkart) business is performing almost exactly like we thought it would. An IPO is still very much on the cards for that business. Just like everything else; it's the timing. Is the business exactly where you want? Is the market right?

All those things have to figure into what you do with an IPO," Biggs said at the Morgan Stanley Global Consumer & Retail Conference last week. "IPO and letting our associates have a piece of the business, having it to be a more local business in India - all those things are important to us, longer-term. And nothing about that has changed."

Flipkart, founded in 2007, was acquired by Walmart over three years ago. It has been weighing an IPO in the US for the past few quarters. The company offers more than 150 million products in 80 categories and has a registered customer base of 300 million, with an estimated gross merchandise value of $12 billion in FY20.

Read more at: https://economictimes.indiatimes.com/tech/startups/walmart-cfo-says-open-to-flipkart-ipo-but-sets-no-specific-timeline/articleshow/88154406.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

ET (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

Nike strengthens retail presences with new store at DLF Mall of India,Noida

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Trade 2021-12-08

Walmart CFO indicates FLIPKART India 'IPO' in the US without setting a timeline

Garment, textile (T&G) dealers demand GST rollback

08 December 2021, Mumbai:

The Kerala Garments and Textile Dealers Welfare Association (KTGA) State council, which met here, demanded immediate rollback of the GST increase on ordinary textiles and all garments priced below ₹1,000.

GST rate on fabrics has been increased to 12% from the present 5% with effect from January 2022.

Family budget

The meeting said, according to a press release, that this would lead to the collapse of small and medium businesses and would also have an impact on the family budget of the common man.

The meeting pointed out that in addition to the sharp rise in prices, the increase would also lead to bureaucratic corruption.

“As the garment sector goes through more than 20 value-added stages, the final tax of 12% is tantamount to robbing people,” it said.

Concessions

The meeting sought all concessions given to industries to be extended to the business sector.

The Hindu (The news article has not been edited by DFU Publications staff)

Kerala Textiles & Garments Dealers Welfare Association - Home | Facebook

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Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

Trade 2021-12-08

Garment, textile (T&G) dealers demand GST rollback

Kishore Biyani (FRL) appears in Forex Violation probe before 'Enforcement Directorate (ED)'

06 December 2021, Mumbai:

It is learned that while questioning Biyani, officials carried out cross-verification of a slew of documents including the emails and correspondence between Future and Amazon before and after they entered into a commercial pact two years ago.

Future Group founder and chief executive officer Kishore Biyani appeared before the Enforcement Directorate (ED) here on Monday in connection with a 2018 deal with Seattle-based Amazon.com Inc, as part of its probe into possible violation of forex rules.

Biyani arrived at the central agency's Khan Markt headquarter shortly before his scheduled appearance time of 11 am, said a person privy to the developments.

This follows summons by the ED to the Future Group's management including its chief executive officer Bayani on November 26, seeking to produce documents and record statements under the Foreign Exchange Management Act (FEMA).

ET (The news article has not been edited by DFU Publications staff)

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Trade 2021-12-06

Kishore Biyani (FRL) appears in Forex Violation probe before 'Enforcement Directorate (ED)'

SITEX 2022–Surat International Textile Expo to happen on JANUARY 8-9-10, 2022Surat International Textile Expo 2022

08 December 2021, Mumbai:

With a view to encourage the Trade & Industry of South Gujarat region and promoting the Brand ‘SURAT’ by highlighting the strength of Textile Sector of Surat, The Southern Gujarat Chamber of Commerce & Industry is once again organizing SITEX 2022 – Surat International Textile Expo with an aim to

• Provide an excellent opportunity to the Manufacturers, Dealers, Wholesalers and Retailers of the Textile Industry to showcase their wide range of products & services related to Textile industry and Industry experts to discuss about the latest market innovations,

• Provide lucrative business opportunities to the Business leaders, Corporates, Manufacturers, Entrepreneurs, Buyers & Sellers in the respective industry and expand their business in the world,

• And provide them a chance to capitalize on their expertise, diversify or expand their operations in the existing market.

Source: https://sitex.sgcci.in/

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DAILY NEWS:

Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

Nike strengthens retail presences with new store at DLF Mall of India,Noida

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Trade 2021-12-08

SITEX 2022–Surat International Textile Expo to happen on JANUARY 8-9-10, 2022Surat International Textile Expo 2022

RSWM, an Indian textile conglomerate, will concentrate on the knitted fabric market

07 December 2021, Mumbai:

In line with the demand trend, RSWM Ltd., India's foremost textile behemoth and a group firm of the LNJ Bhilwara, is focusing on the knitted fabric market, which will contribute Rs. 800 crore to the company's top line over the next two to three years. The company, which has a market capitalization of Rs 3,000 crore, is also looking into clothing production.

The company has set up Rs. 200 crores for the venture and is already working on the first phase of the 400-tonne project. The company had spun off the woven fabric brand Mayur and was in the midst of constructing a knitted fabric facility on the same site and building for Rs. 80 crores in Phase I.

"Demand for woven fabric has declined while there is a boom in knitted fabric from both domestic and foreign brands," Brij Mohan Sharma, Joint MD, RSWM, told news agency PTI. We've set aside Rs. 200 crores for the segment, and we're currently investing Rs. 80 crore in equipment and machinery at our current site."

He went on to say that the knitted fabric plant will open in April 2022 and will contribute Rs. 275 crore to the company's top line in a year with a 400-tonne capacity, but that revenues will increase to Rs. 800 crore once the capacity is increased to 1,000 tonnes.

While overall spending for the current fiscal will be around Rs. 250 crore, investments in new, up-gradation, and debottlenecking projects will total another Rs. 500 crores over the next 2-3 years, divided across multiple factories.

On the company's garments endeavor, he stated that RSWM is interested in the industry and will provide soft bridge loans to start or develop with repurchase arrangements.

Despite the uncertainty, he believes that growth and demand will continue for at least the next two years. In the quarter ended September 2021, the company reported a net profit of Rs. 44.75 crore, compared to a net loss of Rs. 15 crores the previous year.

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Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

Trade 2021-12-08

RSWM, an Indian textile conglomerate, will concentrate on the knitted fabric market

Supreme Court (SC) upholds the validity of RBI's guidelines ban on export of PPE kits

06 December 2021, Mumbai:

In a significant verdict, the Supreme Court Monday upheld the validity of certain Guidelines on Merchanting Trade Transactions (MTT) of RBI denying letter of credit for exporting PPE kits during COVID-19 pandemic, saying democratic interests which secure the welfare of masses cannot be "judicially aborted" to preserve "unfettered freedom" to do business of the few.

The bench of Justices Chandrachud, Justice Vikram Nath, and Justice BV Nagarathna dismissed the appeal of a director of a firm that trades in pharmaceuticals that his company was prohibited from acting as an intermediary by importing PPE kits from China to export them to the US.

It was alleged that trade restrictions of the RBI amounted to a violation of the fundamental right to freedom to trade and business guaranteed under Article 19(1)(g) of the Constitution.

Dismissing the plea, the verdict said, "This Court must be circumspect that the rights and freedoms guaranteed under the Constitution do not become a weapon in the arsenal of private businesses to disable regulation enacted in the public interest.

ET (The news article has not been edited by DFU Publications staff)

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Trade 2021-12-06

Supreme Court (SC) upholds the validity of RBI's guidelines ban on export of PPE kits

HIGH FASHION GROUP RECEIVED AWARD FROM THE LENZING GROUP

08 December 2021, Mumbai:

REAFFIRMED ITS POSITION AS A SUSTAINABILITY LEADER!

High Fashion Group was awarded the “TENCEL™ Strategic Partnership Award, China” from the Lenzing Group for its continuous contributions to sustainability and social responsibility.

Following last year’s success in obtaining the Global Recycled Standard (GRS) Certificate, and becoming an official partner of bluesign® system and OEKO-TEX® previously, High Fashion Group’s sustainability efforts were once again recognized by the global fashion industry.

As a long-term strategic partner of the Lenzing Group, High Fashion Group has joined hands with TENCEL™️ brand for a number of sustainable and innovative projects, ranging from innovative fabrics to sports fashion, leading the industry to sustainable consumption.

Lenzing fibers are biodegradable and that are derived from sustainable wood sources – sustainably managed forests. TENCEL™️ branded lyocell and modal fibers, TENCEL™️Lyocell with REFIBRA™️ technology, and LENZING™️ ECOVERO™️ branded viscose fibers by Lenzing have been used in the group's garment production to not only increase product functionality and texture, but also embrace sustainability for environmental protection.

Mr Will Lam, CEO of High Fashion Group, said, “Thank you Lenzing Group for supporting us throughout the sustainability journey. This award reflects our commitment to become a leader in sustainable fashion. Other than using a range of green fibers in our garment production, we also adapt different innovative green technologies in our manufacturing sector in order to save energy, water and electricity for a more sustainable supply chain.

”High Fashion Group will continue to embed sustainability into its core strategy and daily operations, including green R&D, green manufacturing, green operation and green products, providing more safe and eco-friendly products to the customers across the globe. The group looks forward to working on many more sustainable projects with the Lenzing Group, creating a circular economy for the fashion industry!

About High Fashion Group

Headquartered in Hong Kong and with branches all around the world, High Fashion Group is a leading manufacturer in the fashion industry that highly values corporate social responsibility and strives to lower our impact on the environment by acquiring different world-renowned green certifications. It acts as a modern and innovative enterprise focusing on green production by integrating R&D on recycled and cellulosic fibres. It has also invested heavily in developing green facilities, including the solar power system and wastewater treatment system in Hangzhou.

About Lenzing Group & TENCEL™

The Lenzing Group stands for ecologically responsible production of specialty fibers made from the renewable raw material wood. As an innovation leader, Lenzing is a partner of global textile and nonwoven manufacturers and drives many new technological developments. TENCEL™ brand, a textile fiber brand portfolio under The Lenzing Group, defines a new evolutionary step in terms of sustainability, functional benefits, natural comfort and caters for distinctive everyday usage or application.

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DAILY NEWS:

Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

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Trade 2021-12-08

HIGH FASHION GROUP RECEIVED AWARD FROM THE LENZING GROUP

GHCL Limited's home textile division is being acquired by Indo Count for Rs. 576 crore

08 December 2021, Mumbai:

Indo Count Industries Limited, a leading manufacturer and exporter of home textiles, has signed a Business Transfer Agreement (BTA) with GHCL Limited for the acquisition of its home textile business in Vapi (Gujarat) on a going concern basis through a slump sale, as well as an Asset Transfer Agreement (ATA) for the acquisition of specific assets of GHCL's US subsidiary.

The company's board of directors agreed on a BTA with GHCL for the aforementioned acquisition, which has a fully operating manufacturing capacity of 45 million meters annually located in Vapi, in order to fulfill expanding demand and grasp new prospects.

In the future, the facility will have enough area to increase its capacity. The acquisition cost is Rs. 576 crores. The transaction is projected to close in March 2022, pending appropriate approvals and the completion of the BTA's Condition Precedents (CP). The deal was advised by Edelweiss Finance & Investments Limited, while the legal counsel was Khaitan & Co.

Indo Count stated in a statement that the acquisition will propel the company to the forefront of the global home textiles bedding market. Indo Count becomes the world's largest home textile bedding firm, with an annual capacity of roughly 153 million meters, thanks to the addition of nearly 50% new capacity.

DAILY NEWS:

Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

Consumers will determine growth of sustainable fashion e-comm in India

Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

Nike strengthens retail presences with new store at DLF Mall of India,Noida

Return to homepage

Trade 2021-12-08

GHCL Limited's home textile division is being acquired by Indo Count for Rs. 576 crore

Indo Count Industries Ltd set to acquire 'GHCL Ltd, Home Textile business'

06 December 2021, Mumbai:

The company, one of the leading manufacturers of soda ash, had initiated the process of carving out its textiles business into GHCL Textiles Ltd, in order to segregate both businesses and to have two separate listed entities with mirror shareholding.

Chemicals major GHCL Ltd on Monday said it is divesting its home textiles business to Indo Count Industries Ltd for Rs 596 crore.

"In the interim, GHCL has got an opportunity to unlock the value of its home textiles business (HT business), not being its strategic growth area, by divesting the same to Indo Count Industries Ltd (Indo Count),” the company said in a regulatory filing.

GHCL said it expects to "realise a consolidated sum of Rs 596 crore from the divestment of its HT business”.

As part of the deal, the transfer of HT business will be made for a consideration of Rs 539 crore, of which fixed consideration is Rs 340 crore and the balance Rs 199 crore is towards net realisable current assets (subject to certain adjustments in accordance with the business transfer agreement to be paid by Indo Count to GHCL), the filing added.

Further, GHCl said that in line with the group’s decision of a complete divestment of HT business, its US-based subsidiary Grace Home Fashions LLC (GHF) has also entered into an Asset Transfer Agreement (ATA) for transfer inventory and intellectual property to Indo Count Global Inc, USA, a US subsidiary of Indo Count for Rs 37 crore.

moneycontrol.com (The news article has not been edited by DFU Publications staff)

Indo Count Industries signs business transfer agreement with GHCL Limited - The Economic Times

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