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Textile 11-12-2021

Sintex Industries, bankrupt Unit: Reliance Industries, Welspun, GHCL and Dinesh Kumar Himatsingka's Himatsingka place bids

11 December 2021, Mumbai:

Four leading textile players — Mukesh Ambani’s Reliance Industries (RIL), B K Goenka’s Welspun, Sanjay Dalmia’s GHCL and Dinesh Kumar Himatsingka’s Himatsingka — placed bids for the bankrupt Sintex Industries, which weaves fabrics for global fashion brands like Armani, Burberry and Diesel.

While RIL teamed up with stressed asset buyer Assets Care & Reconstruction Enterprise for the Sintex bid, the other three parties have made solo offers.

The four proposals will be evaluated by the resolution professional handling the Sintex bankruptcy matter and then will be placed before the creditors’ committee for further consideration, the Gujarat-based company said in a regulatory filing. Sintex owes about Rs 8,000 crore to financial and operational creditors.

Sintex is the second company under the Indian bankruptcy code for which RIL has shown interest. It had previously bought Alok Industries in partnership with JM Financial Asset Reconstruction Company. Welspun has bid for multiple assets under the Indian bankruptcy code but met with no success so far. For Sintex, Welspun has routed its bid through Easygo Textiles.

The proposed deal will help Welpsun in its backward integration strategy, said a person familiar with its plans. Previously, Welspun had offered a little less than Rs 2,000 crore to Sintex’s creditors but the proposal didn’t enthuse them. Sintex, incorporated in 1931, has a market cap of Rs 594 crore. It reported a loss of Rs 1,306 crore on sales of Rs 1,696 crore in fiscal 2021.

GHCL’s move for Sintex comes after it inked a deal to sell its home textile business in Gujarat to Indo Count Industries for Rs 576 crore. While Bengaluru-based Dinesh Kumar Himatsingka has routed the Sintex bid in his personal capacity along with his son Shrikant and Himatsingka Ventures.

Sintex was admitted into the bankruptcy process by the National Company Law Tribunal, Ahmedabad on April 6 this year on a plea by Invesco Asset Management over a Rs 15-crore default in payment of principal and interest of non-convertible bonds in September 2019.

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

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Textile 11-12-2021

Sintex Industries, bankrupt Unit: Reliance Industries, Welspun, GHCL and Dinesh Kumar Himatsingka's Himatsingka place bids

Full Circle Textiles Project - Polyester has been established by Fashion for Good

10 December 2021, Mumbai:

The Full Circle Textiles Project - Polyester was developed by Fashion for Good with the goal of validating and scaling viable polyester chemical recycling technologies, as well as encouraging finance and offtake commitments in the fashion sector.

The Full Circle Textiles Project - Polyester brings together a group of stakeholders, including brands, innovators, supply chain partners, and catalytic funders, to drive and scale disruptive innovation in the textiles sector.

"Textile recycling is a significant emphasis for Fashion for Good," Katrin Ley, Managing Director, stated. We can now turn our attention to applying these learnings and steps to scale to another critical area: textile-to-textile polyester recycling, thanks to the success of the first Full Circle Textiles Project and proof that a galvanized consortium of stakeholders from across the industry can truly shift the needle."

It's worth noting that polyester accounts for 52% of the worldwide fiber market. Because it is the most widely used fiber on the planet, it accounts for a major amount of the 73 percent of textiles that are landfilled or burnt each year.

A vast variety of Fashion for Good partners contributed their experience, financial assistance, and services to make the initiative, which was created and managed by Fashion for Good, feasible. Brand partners Adidas, BESTSELLER, C&A, PVH Corp., Target, and Zalando, as well as affiliate partners Arvind Limited, Fabrics Division of W. L. Gore & Associates, and Teijin Frontier, have just joined Fashion for Good as catalytic funders.

Fashion for Good has engaged promising innovators in polyester chemical recycling from across the world to participate in the project in order to get a clear picture of the solutions best positioned to handle the issues of recycling polyester textiles.

CuRe Technology, Garbo, gr3n, and PerPETual are among the companies involved in the 18-month initiative, which will produce chemically recycled polyester from post-consumer textile waste for use in fabric and garment manufacture.

Participating Fashion for Good brand and supply chain partners will evaluate and validate the innovator's output. The project's goal is to test the technologies and their scaling potential, which will lead to additional implementation/offtake agreements, which will boost chemical recycling in the sector and attract more financing.

The Full Circle Textiles Project – Polyester builds on the framework and lessons learned from the Full Circle Textiles Project, which investigated economically viable and scalable solutions for cellulosic chemical recycling and the production of new man-made cellulosic fibers and eventually garments from cotton and cotton-blend textile waste, which was launched in September 2020.

The Full Circle Textiles Project has achieved this goal, demonstrating the value of the consortium structure in scaling disruptive innovation in the sector, as well as the capacity of chemical recycling to promote circularity.

Circ, EVRNU, Infinited Fiber Company, and Renewcell, the four selected innovators, were able to prove their revolutionary technologies and create clothes to the quality criteria of brand partners PVH Corp. and Kering Group.

The project's next phase focuses on scaling these solutions, and it invites brands, innovators, and supply chain partners to participate in building long-term alliances, catalyzing financing for scaling, and using industry experience to further develop and apply these technologies.

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Textile 10-12-2021

Full Circle Textiles Project - Polyester has been established by Fashion for Good

Government initiates to boost Textiles sector exports, productivity, demand and to fuel jobs

09 December 2021, Mumbai:

The government has taken the following major initiatives/ measures to help ameliorate the conditions in the textile sector to boost exports, production, demand and job opportunities in the sector on a pan-India basis:

To boost exports in the MMF sector, the Government has removed anti-dumping duty on PTA (Purified Terephthalic Acid), a key raw material for the manufacture of MMF fibre and yarn and also on Acrylic fibre, a raw material for the yarn and knitwear industry.

The Government has approved the setting up of Seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites including plug and play facility with an outlay of Rs. 4445 cr for a period of seven years upto 2027-28. These parks will enable the textile industry to become globally competitive, attract large investment and boost employment generation. The scheme will enable creation of global champions in exports.
The Production Linked Investment scheme of Rs 10,683/- crore over a five-year period covering MMF and Technical Textiles sector has been announced which will create global champions in exports and domestic production in textile sector will also grow substantially.
In order to make the textile sector competitive by rebating all taxes/levies in international market, Government has also given its approval for continuation of Rebate of State and Central Taxes and Levies (RoSCTL) on exports of Apparel/Garments and Made-ups till 31st March 2024.

Further, Government is implementing various policy initiatives and schemes for supporting the development of textile industry viz. the Amended Technology Upgradation Fund Scheme (A-TUFS), Schemes for the development of the Powerloom Sector(Power-Tex), Schemes for Technical Textiles, Scheme for Integrated Textile Parks (SITP),Scheme for Additional Grant for Apparel Manufacturing Units under SITP (SAGAM), SAMARTH- The Scheme for Capacity Building in Textile Sector (SCBTS), Jute (ICARE- Improved Cultivation and Advanced Retting Exercise), Incentive Scheme for Acquisition of Plant and Machinery (ISAPM), Export Market development Assistance(EMDA), Retail Outlet of Jute Diversified Products and Bulk Supply Scheme, Integrated Processing Development Scheme (IPDS), Silk Samagra, National Handloom Development Programme, National Handicraft Development Programme, Integrated Wool Development Programme (IWDP), North East Region Textiles Promotion Scheme (NERTPS),National Technical Textile Mission, Scheme for Production and Employment Linked Support for Garmenting Units (SPELSGU) etc.

These schemes and initiatives which promote technology upgradation, creation of infrastructure, skill development and sectoral development in the textile sector, create a conducive environment and provide enabling conditions for textile manufacturing in the country and help in boosting the textile sector.

The role of the Government is to ensure a conducive policy environment, facilitating in creating enabling conditions for the industry and private entrepreneurs to set up units through its various policy initiatives and schemes. Due to these interventions, a number of handloom, power loom, readymade garments, synthetic yarn and hosiery manufacturing units have been set up across the country. Details of such units may be seen at Annexure A, B, C & D.

The details of the amount spent for the development of the textile industry through various sectoral schemes during the last three years and current year is at Annexure E.

This information was given by the Minister of State for Textiles Smt. DarshanaJardosh in a written reply in the Lok Sabha today.

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

India's textile exports stitch Covid wounds, rise 13 per cent over pre-pandemic level - DIU News

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Textile 09-12-2021

Government initiates to boost Textiles sector exports, productivity, demand and to fuel jobs

Amazon India Head, Amit Agarwal Seeks More Time from ED in Future Case (FRL)

07 December 2021, Mumbai:

Amazon India head Amit Agarwal did not appear before the Enforcement Directorate (ED) on Tuesday, seeking exemption as he is in the US at present. He is learnt to have sought more time.

The ED summons are in connection with Amazon's disputed deal with Future Coupons Pvt Ltd. The agency is likely to issue a fresh summon and ask him to appear within 15 days, said an official with knowledge of the matter.

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

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Textile 07-12-2021

Amazon India Head, Amit Agarwal Seeks More Time from ED in Future Case (FRL)

India seeks ‘DUTY-FREE ACCESS’ from the UAE for Textiles

10 December 2021, Mumbai:

India has sought duty-free market access for its spices, eggs, cheese and textiles in the UAE as part of the free-trade agreement it is negotiating with the grouping.

At present, the UAE has banned poultry imports from India due to concerns over bird flu while India's textile exports are levied a 5% duty.

"We are keen to sell poultry products to the UAE and are hopeful they will allow imports from India, starting with eggs as eggs are a big market there," said an official, adding that India has assured that it is following the biosafety norms set by the World Organization for Animal Health to prevent infection.

As per the official, the UAE is keen to get duty concessions for dates, confectionery and sugar-based products.

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

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Textile 10-12-2021

India seeks ‘DUTY-FREE ACCESS’ from the UAE for Textiles

RIL presents differntiable fabric technology R|Elan Kooltex

07 December 2021, Mumbai:

India’s Reliance Industries Limited (RIL) has introduced a unique fabric technology within R|Elan product portfolio called R|Elan Kooltex, a fabric that enhances the performance of garments by keeping them dry and cool amid various conditions.

The company aims to provide advanced textile technologies that also capture the latest style trends.

Advanced moisture management property of R|Elan Kooltex helps control temperature and provide cooler feeling to the wearer – be it formal or sports outfit. R|Elan Kooltex keeps the wearer cool and dry through the day ensuring enhanced performance and encouraging heightening physical activities, RIL said in a press release.

The pandemic has transformed the consumer mindset with an emphasis on better apparel with embedded performance attributes. Ever evolving consumers are demanding more innovations in their everyday apparel, brands are also introducing new solutions under the performance category. R|Elan’s specially engineered products have emerged as a perfect choice for trendy and performance enhancement seeker consumers.

R|Elan Kooltex has inherent moisture management mechanism with its unique structure supporting wicking of sweat through micro-channels. This facilitates rapid moisture management property that the body uses to regulate its temperature. It can be used in major apparel application segments such as denim, knitwear, athleisure and wovens.

Dealing with sweat during exercise or hot weather is not a concern anymore. Now, garments have become smarter with R|Elan Kooltex that enhances performance and at the same time provides comfort - day in and out, the release said.

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

R|Elan™ Kooltex – enhancing comfort through quick dry technology

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Textile 08-12-2021

RIL presents differntiable fabric technology R|Elan Kooltex

Andhra Pradesh (AP) Cotton farmers face hardship as CCI yet to enter market ensuring Minimum Support Price (MSP)

07 December 2021, Mumbai:

The cotton farmers in the state are being exploited heavily this year, as the Cotton Corporation of In (CCI) is yet to enter the market. The private players in the market are offering throwaway price to the farmers, denyis minimum support price (MSP) offered by the state government.

This year, the CCI had announced an MSP of Rs 6,250 per quintal, while the market price now is just Rs 4,500 to Rs 5,500 The price is offered at the whims and fancies of the private buyers in the absence of the CCI in the market.

The price which was around Rs 9,000 per quintal in the beginning of the season had come down to Rs 4,500 now The private buyers are rejecting the yield at the market platforms on the grounds of quality particularly discolour.

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

Top Cotton Producing Countries In The World - WorldAtlas

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Textile 07-12-2021

Andhra Pradesh (AP) Cotton farmers face hardship as CCI yet to enter market ensuring Minimum Support Price (MSP)

High yarn prices have compounded the pain of the textile industry: Is the textile industry in a dilemma!

09 December 2021, Mumbai:

Kumar Doraiswamy, a Tirupur-based exporter was one of the organisers of a strike called by the Federation of Tirupur Apparel Cluster on November 26 to protest soaring yarn prices, which have increased nearly 50 percent over the past year.

Between January and November, yarn prices increased from Rs 220 per kg to Rs 330 per kg.

Doraiswamy says he has been in a bind as a result of the rising input costs. The strike had 117 stakeholders participating, with nearly 80 percent of units involved in textile production in the area shut, causing a production loss estimated at Rs 100 crore, according to the Tirupur Exporters and Manufacturers Association. Persistently high yarn prices have compounded the pain of the textile industry, which is already reeling under high input costs.

As a solution, textile manufacturers are asking for a temporary ban on yarn and cotton exports to arrest the shortage and ensure availability for domestic players. S. Venkatesan, Member of Parliament from Madurai, has written to Union Textiles Minister Piyush Goyal, seeking his intervention to bring down cotton and yarn prices.

Textile manufacturers say that increased input costs have put them under extreme price pressures. These include the volatility in crude oil prices, which have resulted in higher freight costs, as well as the rising cost of chemicals and dyeing, and so on. Factors like these have made it difficult for firms to remain price competitive, creating difficulties both with securing new orders and servicing existing ones.

Certain sections of the industry are also up in arms against the government’s move to hike GST (Goods and Services Tax) on some textile fabrics from 5 per cent to 12 per cent. Trade associations from the Gujarat belt have voiced concerns on this move, pointing out that the industry is already reeling under stiff competition from imports from Vietnam, Sri Lanka and Bangladesh.

Textiles is a labour-intensive industry—and as a result, an important employment generator—that was vying to seize the China opportunity. While orders have grown and industry has done brisk business in the last few months after the lockdown, countries like Bangladesh have given India stiff competition. Between January and July, India’s textile exports touched Rs 1.77 lakh crore, 52.6 per cent higher than the same period last year and 13.7 per cent higher than the pre-pandemic level of 2019.

So far, the government has not yielded to the growing clamour to ban yarn exports or against its notification of levying a 12 per cent GST rate on manmade fibre yarn, fabrics and apparel from the current tax rate on MMF, MMF yarn and MMF fabrics of 18 per cent, 12 per cent and 5 per cent, respectively.

The government approved a production-linked incentive scheme worth Rs 10,683 crore for the textile industry in September this year to boost manufacturing and exports.

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

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Textile 09-12-2021

High yarn prices have compounded the pain of the textile industry: Is the textile industry in a dilemma!

Indian textile industry in critical state as raw cotton export fuels 'Bangladesh & Vietnam RMG sector'

07 December 2021, Mumbai:

“What is the point of Make in India if we can't stop the export of our raw materials to competing nations?” asks Sumit Jain, the MD of Delhi-based textile firm Kanin Originals.

ET (The news article has been edited by DFU Publications staff)

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Textile 08-12-2021

Indian textile industry in critical state as raw cotton export fuels 'Bangladesh & Vietnam RMG sector'

West Bengal to set up integrated textile parks in Kalyani & Raiganj, A step towards making it self-sufficient

07 December 2021, Mumbai:

Taking another step towards making Bengal self-sufficient in producing fabric, the Mamata Banerjee government has taken the move to set up two more integrated textile parks. The parks would come up at Kalyani and Raiganj.

This comes after the state government's success in ensuring a smooth progress in setting up of the integrated textile parks at Ashoknagar and Banipur of Habra in North 24-Parganas.

With the setting up of two more integrated textile parks at Kalyani and Raiganj, the state is going to get four such parks that are meant exclusively for production and processing units of fabrics.

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

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Textile 07-12-2021

West Bengal to set up integrated textile parks in Kalyani & Raiganj, A step towards making it self-sufficient

(SIMA) Southern India Mills' Association Chairman, Ravi Sam met Piyush Goyal urging 'Free Trade Agreements (FTAs)' to boost textile exports

09 December 2021, Mumbai:

Association chairman meets Ministers in New Delhi

Chairman of Southern India Mills’ Association Ravi Sam met Minister for Commerce and Industry and Textiles Piyush Goyal in New Delhi on Tuesday and sought measures to improve textile exports.

Mr. Ravi Sam said he discussed in detail with the Minister the need for free trade agreements, reduction of hank yarn obligation, and the need to remove import duty on cotton.

The need to renegotiate bilateral agreements with neighboring countries, electricity related matters, and revamping the Handloom Reservation Act were also discussed.

The Minister heard about the issues that were posing challenges to the industry and has promised required action, he said.

Mr. Ravi Sam appealed to Mr. Goyal, who is also the Minister for Consumer Affairs, Food and Public Distribution, to provide three godowns of Food Corporation of India near Muthanankulam, which are vacant, to Coimbatore Corporation to be converted into a theatre for contemporary arts and performing arts theatre.

Air connectivity

On Wednesday, Mr. Ravi Sam met the Minister for Civil Aviation Jyotiraditya Scindia and sought better air connectivity to Coimbatore. The Minister said that he would immediately look into connecting Coimbatore through Air India and Vistara flights and said that direct international flights would be permitted after runway expansion, he said.

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

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Textile 09-12-2021

(SIMA) Southern India Mills' Association Chairman, Ravi Sam met Piyush Goyal urging 'Free Trade Agreements (FTAs)' to boost textile exports

Assault on a female employee! The HR manager and the hostel warden were both arrested

07 December 2021, Mumbai:

The HR manager of a spinning mill and the warden of its female hostel have been detained in Coimbatore on charges of beating a lady employee from Jharkhand. The action was taken, according to media reports, after the footage of the incident was extensively posted on social media.

V. Muthaiah, the mill's HR manager, and R. Latha, the warden, have both been detained. According to a story in the prominent English daily The Hindu, a group of women from Jharkhand visited the mill in Udayampalayam, near Coimbatore, two weeks ago. The mill's management told the police that the women stayed in the hostel for a week and did not show up for work.

One of the women allegedly pushed Latha when she questioned them about it. According to the police, this resulted in a fight in which the HR manager struck the woman with a stick, and the video of the incident went viral. The woman's hair was observed being pulled by the warden.

Thangadurai, Thudiyalur's Deputy Director of Industrial Safety and Health, filed a police report. According to official records, the mill employed almost 150 people. A group of Jharkhand women had previously worked at the mill and had recently returned. Nearly 20 of the group's workers had left the hostel, which is located across the street from the mill, after the incident roughly ten days ago.

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Textile 07-12-2021

Assault on a female employee! The HR manager and the hostel warden were both arrested

Jharkhand CM Hemant Soren Inaugurates 4 Pvt Textile Units; Distributes appointment letter to 2,000

07 December 2021, Mumbai:

Efforts are on to revive the pandemic-hit economy of the state and create jobs by bringing investments here, Jharkhand Chief Minister Hemant Soren said on Monday while inaugurating four textile units. He also distributed appointment letters to some 2,000 persons who got employment in the industrial units related to textile.

"For almost one and a half years, the activities in our state including the country and the world have come to a standstill.It was the priority of the state government that as soon as the lockdown is over, a better framework should be made in relation to how to connect more and more people with employment," Soren said.

He inaugurated four textile units - Kishore Exports, The West Band, Shree Ganpati Creation and Valencia Apparel, based in Ormanjhi (Kulhi).

ET (The news article has not been edited by DFU Publications staff)
Jharkhand Chief Minister Hemant Soren's government completes one year in office- The New Indian Express