04 March 2022, Mumbai:

Global composite manufacturer, Propex Furnishing Solutions, has entered into an agreement with Ocean State Innovations’ division, 1947 LLC Inc., for the exclusive distribution and sale of Curv® Tactical composite material in North America.

The partnership formalizes both parties' commitment to providing advanced material innovation to North American tactical gear consumers and manufacturers alike.

Ben Galpen, Co-Founder of 1947 LLC and Co-Owner of Ocean State Innovations, said “Our partnerships and innovations are driven by the tactical industry’s demand to improve existing items.

We strive to meet this on a global level.” Advancements in single polymer composite technology have led to the development of Curv® — a self-reinforced composite material that does not require thermoset resin, glass or any other support structure to maintain its strength or impact resistance.

ALSO READ: Nominations for Annual Sewn Reshoring Award announced

About Ocean State Innovations

Founded in 1913 as Brand and Oppenheimer Company, Inc. ("B&O") as a supplier of garment linings, the company celebrates a rich history in the textile industry. In October 2011, Praesidian Capital became an investor. In 2014 Brand & Oppenheimer acquired Performance Textiles, a US textiles supplier.

In 2015 B&O entered into an equity partnership with 1947 LLC’s management team; Ed Ricci, Ben Galpen, and Bryan Boulis, all industry experts with over 100 years of combined experience.

The 1947 LLC Management team has grown the business through organic sales, strategic partnerships, and acquisitions. In 2017 B&O acquired the assets of Cutting Edge TexStyles, a global supplier of Bindings, Trims and Piece Goods.

RELATED ARTICLE: Sourcing at MAGIC: Executive Director, Will Duncan, Presents

Join our community on Linkedin 

03 March 2022, Mumbai:

State industries minister Syed Shahnawaz Hussain on Wednesday said the state government will soon come up with a new textile policy to promote manufacturing and trade in the sector.

Addressing the annual meeting of Confederation of Indian Industry (CII) here, Shahnawaz said the textile sector in Bihar has immense potential.

He also claimed that the state has received industrial investment proposals worth Rs 40,000crore in the last year and many big industrial units will be launched here in the next two months.

ALSO READ: Maharashtra will shortly release a new textile policy

“Bihar received the highest number of investment proposals in India during the Covid-19 pandemic. We will also inaugurate the Begusarai Pepsi Plant set up by Varun Beverages in the first week of April, which will be the fastest production plant set up in a record time in the history of Pepsi,” Shahnawaz said.

He added: “Bihar's greatest strength is it’s skilled workers, who work all over the country. Where there are workers, there are factories. Therefore, we are planning to develop more factories in the state for them to work.”

The theme of this year’s CII’s Bihar annual Meeting was ‘Advantage Bihar- Sankalp Se Sidhhi: Bihar @75’.

RELATED ARTICLE: Reliance Retail, The fashion and lifestyle division: Achieves its greatest quarterly revenue ever

Join our community on Linkedin 

*CREDITS: TOI.

02 March 2022, Mumbai:

Lenders have entered the final stage of negotiation with Reliance Industries (RIL) after declaring it the highest bidder for Sintex Industries on Monday evening, said two people aware of the development.

ALSO READ: Bidders for the textile company Sintex have submitted amended resolution plans

At a committee of creditors' meeting held on Monday evening, lenders asked Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) team to submit an improved offer by Wednesday, the people said.

RELATED ARTICLE:Reliance Industries Ltd (RIL) plans to acquire Sintex Industries

Join our community on Linkedin 

*Figures mentioned in the above article have been sourced from ET article.

04 March 2022, Mumbai:

The Confederation of Indian Textile Industry (CITI) is organising the Manmade Fibre Conclave 2022 on Wednesday, 9th March 2022 titled: “US$ 450 billion Global MMF Textiles Trade: Growth Beacon for the Indian Textile Industry” on the virtual platform.

Wazir Advisors is the Knowledge Partner of the Manmade Fibre Conclave 2022. Global trade of textiles and apparel in 2019 stood at US$ 811 bn., out of which MMF products contributed approx. US$ 450 bn (55% share).

So far, India has not been able to seize the opportunities which have surfaced in the MMF Sector of the global arena.

However, in recent times, the Indian textile industry has seen an increasing trend of realization of this opportunity and taken big strides to tap them.

ALSO READ: Dismal cotton arrival, higher prices and inferior quality jitters textile industry – Removal of import duty on cotton is the need of the hour – CITI

The Government of India is also providing conducive policy support to the textile industry in this direction.

The Conclave will have two panel discussions featuring industry leaders – manufacturers, subject experts, technology suppliers and policy makers who will gather and deliberate on the emerging opportunities in the MMF Sector, challenges therein and way forward.

The event will not only offer the participants an opportunity to interact with a very select group of 800-1000 peers from global MMF based textile & clothing industry, but also provide them a platform to brainstorm, share and gain key insights into the present and future of this dynamic sector.

On this spectacular occasion, Shri Piyush Goyal, Hon’ble Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution has been invited to be the Chief Guest and virtually inaugurate the mega event.

Smt. Darshana Vikram Jardosh Ji, Hon’ble Minister of State for Textiles and Railways, has been invited to be the Guest of Honour and deliver the Keynote Address in the Inaugural Session.

Further top speakers from across the globe would be participating in the deliberations.

RELATED ARTICLE: Confederation of Indian Textile Industry’s (CITI), Hails Government’s Decision to set up Export Promotion Council for Technical Textiles

Join our community on Linkedin 

03 March 2022, Mumbai:

In a series, A investment led by Stellaris Venture Partners and Chiratae Ventures, Locofast, a textile-focused supply chain platform, raised $15 million. The platform aims to get into India's fragmented textile business, which is estimated to be worth around $100 billion dollars.

Its platform promises to make connecting with suppliers throughout India easier for sellers. Locofast, for example, has clients in Sri Lanka and Bangladesh and plans to open an office in the United States soon. At the same time, it is considering expanding into Europe, specifically Germany and France.

The company anticipates that the expansion will contribute at least 20% to 25% of overall revenue in the next 12 months, up from about 10% presently. It plans to utilize the money to grow its local and international footprint as well as develop new product categories. There are also plans to raise the company's staff to 500 people in the coming year, up from 50 now.

ALSO READ: DaMENSCH Apparel raises funds in the US

Stride Ventures and BlackSoil Capital have also contributed an unknown amount of loans to the company. The fresh financing follows a seed round of $2 million in early 2020. Locofast's co-founder, Deepak Wadhwa, says that the firm has expanded at a rate of 20% per month in terms of gross merchandise value since its inception in 2019.

Locofast has onboarded over 500 suppliers and is responsible for the supply chain of over 700 brands. In the next 12 months, the firm wants to increase the number of vendors on its platform to 2,500.

RELATED ARTICLE: Raydiant raises funds

Join our community on Linkedin 

*CREDITS: Business Line & Apparel Resources.

01 March 2022, Mumbai:

New Delhi will seek duty exemptions for labour-intensive exports, including textiles, besides easier market access for fisheries, pharmaceuticals and agriculture products, during the second round of India-UK free trade agreement (FTA) talks, said two government officials.

The negotiations, scheduled to take place between 7 and 18 March, will also explore the possibility of an early-harvest agreement, or a mini FTA, for the short-term, as the two countries continue with the talks to iron out differences on sensitive issues.

ALSO READ: India-UAE trade pact: Textile Sector To Be Beneficiary

India is seeking to conclude at least six bilateral trade agreements this year. Last week, New Delhi signed a comprehensive economic partnership agreement (CEPA) with the UAE for zero-duty access to 90% of Indian products. The deal was closed in a record 88 days.

“The UK agreement will be broader in scope compared with the one India had with the UAE. Duty cuts on textile and exports from labour-intensive sectors, such as leather, footwear, gems and jewellery, are among India’s 10-12 big-ticket wish-list,” said one of the two officials, seeking anonymity.

RELATED ARTICLE: India-Australia look at taking proposed free trade agreement (FTA) to its logical conclusion

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

Join our community on Linkedin

*Credits: anyfeed.in

04 March 2022, Mumbai:

According to the company's news release. "We are convinced that Lässer will lead the industry to long-term success with the newly merged knowledge." 

"With this step, we feel we have found the greatest option for both our customers and staff," said Saurer Intelligent Technology AG's Anton Kehl, adding, "While this choice was not easy for us, we are optimistic about the future of the shuttle embroidery market in this new configuration."

Lässer has its headquarters and manufacturing facilities in Diepoldsau, as well as 12 other locations across the world, including Turkey, India, and Thailand.

ALSO READ: Saurer hires new CEO, Uwe Rondé

"As a proud Swiss firm, it made sense for us to join forces with another well-known name in the industry," Franz Lässer, Co-owner, and Chairman of the Board of Directors of Lässer Holding AG, said.

We are combining almost two centuries of experience with this move, and we look forward to continuing to amaze our clients throughout the world with creative advances."

RELATED ARTICLE: ITALIAN TEXTILE MACHINERY: ORDERS GROW AGAIN IN 2021 FOURTH QUARTER

Join our community on Linkedin 

*CREDITS: Innovationintextile & Apparel Resources.

02 March 2022, Mumbai:

Meet luxury fashion fabric suppliers at Textile Forum

For the past 20 years, for two days in March (and October!), designers get the chance of sourcing great luxury fabrics in one luxury venue in London – and the next Textile Forum (16-17 March at One Marylebone) continues the tradition.

As sustainability is top of mind for many designers, there will be plenty of choices; there will be fabric that is inherently sustainable as it is made from a natural resource and ranges that are produced from products that might otherwise find their way to landfill. Additionally, more and more fabric suppliers are looking to find ways to be more sustainable within their own business, using more natural products and reducing wastage.

ALSO READ: Luxury fashion fabric show Textile Forum returns next month!

Apart from the fabric suppliers, who offer silks, cotton, leathers, and wools for womenswear, menswear, bridalwear, lingerie, and interiors, there are also those exhibiting accessories such as buttons, linings, and labels.

Most items are also available from stock, from well-established, predominantly UK companies that have been working with leading fashion houses across the world – and all exhibitors offer low minimum quantities – often from 1m.

RELATED ARTICLE: Milano Unica: Sitip presents Cosmopolitan Fashion-tech, for urban tailoring with super-performing fabrics

Join our community on Linkedin 

01 March 2022, Mumbai:

Rajasthan, a prominent state with textile and apparel manufacturing centers such as Jaipur, Jodhpur, Bhilwara, and Pali, has filed a concept note for a MITRA Park (Mega Investment Textiles Parks) in Jodhpur and will be submitting a full project proposal soon.

T Ravikanth, principal secretary of the industries and commerce department, and Archana Singh, MD of RIICO, met with senior central authorities to seek help.  They met with Vijoy Kumar Singh, Additional Secretary, and Shubhra, trade advisor, to discuss the proposed park in Kakani, Jodhpur, and if it should be included in the MITRA scheme. 

ALSO READ: Odisha (India) is in the process of obtaining a park under the PM MITRA plan

Various Rajasthan trade organizations have repeatedly advocated for the MITRA Park. Both senior officials met with the Union Secretary of the Department of Chemicals and Petrochemicals, who expressed support for the planned Pachpadra Petroleum, Chemicals, and Petrochemicals Investment Region.

Many Indian states, including Gujarat, Tamil Nadu, Uttar Pradesh, Rajasthan, Telangana, Odisha, and Jharkhand, are actively pursuing a park under this program.

RELATED ARTICLE PM MITRA Park: States are working hard

BGMEA Vice President Miran Ali and Directors Asif Ashraf, Tanvir Ahmed and Abdullah Hil Rakib were also present on the occasion.

Join our community on Linkedin

03 March 2022, Mumbai:

Lenders to bankrupt textiles business Sintex have asked applicants Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) to submit an improved offer by March 2.

The Reliance-ACRE team is one of four applicants which submitted draft resolution plans for Sintex Industries. The current offer from RIL-ACRE equates to a recovery rate of 36 percent for lenders.

However, it excludes the 15 percent equity stake of the Sintex. The lenders will negotiate to try and increase their recovery rate in the deal.

ALSO READ Sintex Inds: Lenders look for improved offer

The second bid offered by the RIL-ACRE team for Sintex was more than a 10 percent equity stake offered by the team in its previous resolution plan.

The business offered Rs 3,405 crore including Rs 2,700 crore as an upfront payment to lenders and a 15 percent equity stake to be paid upon the conversion of Rs 171 crore of debt into equity.

Lenders hope to receive an offer exceeding the liquidation value of Sintex.

RELATED ARTICLE: Bidders for the textile company Sintex have submitted amended resolution plans

Join our community on Linkedin 

02 March 2022, Mumbai:

*Union minister of state for textiles and railways Darshana Vikram Jardosh visited Sardar Vallabhbhai Patel International School of Textiles and Management (SVPISTM) in the city on Tuesday.

After a tour of the institute and review of its future expansion plans with director P Alli Rani, the minister addressed the students about the new opportunities in the textile sector.

ALSO READ: Union minister for textile Darshana Jardosh and Gujarat BJP presudent CR Paatil press for GST rollout on Textiles & Apparel (T&A)

Darshana also emphasised the importance of technical textiles in boosting the economy of the country and internationalising the Indian technical textile industry.

She reiterated the need for gaining practical knowledge in the field and encouraged the students to visit various textile clusters, particularly in Surat, a cluster famous for value addition in synthetic fibre, as well as those situated in the northeastern states.

The minister highlighted the importance of unique institutes like SVPISTM.

RELATED ARTICLE: Smt. DarshanaJardoshin, MoS for Textiles a written reply in the Rajya Sabha: CONTRIBUTION OF MMF SEGMENT IN PLI SCHEME

Join our community on Linkedin 

*CREDITS: TOI.

26 February 2022, Mumbai:

Madhya Pradesh Industrial Development Corporation (MPIDC) has received demand for around 800 acre from textile companies to set up facilities in Indore region.

One existing textile unit having presence in Pithampur and three new players into integrated textile business have seen land and have submitted proposals for around 800 acre from MPIDC.

Rohan Saxena, executive director Madhya Pradesh Industrial Development Corporation (MPIDC), Indore said, “Textile companies have shown encouraging response in the region to set up facilities.

ALSO READ: Indore Readymade Textile Dealers Association: Demand from weddings to fuel growth

We have proposals from four textile companies demanding around 800 acre in different pockets to set up facilities.”

One of the existing textile companies is expected to purchase 400 acre in Badnawar for which the regional office of MPIDC has sent a proposal to the head office for approval of land. Other companies have seen land parcels in the Investment region in Ratlam.

According to MPIDC, Indore around 50 textile and garment industries have booked land in the Indore region in the last one year by paying 25 per cent of the total premium amount to set up factories and estimated investments from these units is Rs 1,560 crore.

RELATED ARTICLE: Texport Inds looks at investing in Sircilla Apparel park

Join our community on Linkedin .

*Figures mentioned in the above article have been sourced from TOI article.