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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 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.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

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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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)

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DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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06 December 2021, Mumbai:

Under the production linked incentive (PLI) plan, the Ministry of Textile (MoT) is considering giving investors some flexibility. The man-made fiber (MMF) and technical textiles sectors would get Rs. 10,683 crore from PLI.

The program includes 40 MMF clothes, 14 MMF fabric products, and ten technological textiles. This government action will assist the industry in meeting the rigorous deadlines for obtaining the required minimum yearly turnover.

According to insiders, the goal is to guarantee that the industry does not miss out on incentives owing to legitimate issues they may have in their business operations.

According to a report in The Hindu Business Line, a leading business daily, the Ministry of Transportation is opposed to expanding the list of products eligible for benefits, as suggested by the industry, because the list was finalized after extensive consultations and would require another Cabinet approval if changed.

According to reports, the Ministry of Transportation had another round of consultations with business and produced a final draught of the scheme's parameters, which must now be approved by the Commerce and Industry Minister before being made public. There has been an attempt to address actual issues.

Participants will not be eligible for an incentive if they do not meet the scheme's minimum net incremental turnover requirement for any given year. Participants will only be eligible for benefits in the remaining years of the five-year block if they fail to satisfy the criterion in the year they fail to meet the criteria.

"Unforeseen situations such as delays in shipments, payments, and other associated matters may lead a beneficiary to fall behind in reaching the specified incremental turnover in a given year by a couple of months."

"In such instances, there may be a justification for providing them some more time so that they don't miss out on their incentives," the person added.

The Ministry of Transport is contemplating approving the idea to provide the Empowered Group of Secretaries, led by the Cabinet Secretary, a flexible schedule for implementing the PLI plan for textiles. The Group has the authority to make any adjustments to the scheme's modalities and to resolve any real hardship concerns that may arise during implementation.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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06 December 2021, Mumbai:

As physical exhibits resume throughout the globe, India prepares for them as well, with several organizers already announcing dates for their events. The 16th edition of Knit Tech, one of the premier technology fairs, will be held in Tirupur, India's largest center for knitted garments, from March 18 to 21.

The event will be the first-ever physical technology show in this region following COVID-19, thus Tirupur and other apparel and textile centers in Tamil Nadu are also looking forward to it. Knit Tech is one of the best-run exhibitions, with a wide range of textile and garment-making machinery on display.

The exhibition will take place across a 20,000 square meter space. "There will be more than 250 exhibitors from around the globe," M.A. Rayappan, Chairman, Hi-Tech International Trade Fair (organizer of Knit Tech), said Apparel Resources, "and this year we have much concentrated on machines/technology to help the MMF sector as textile industry has thrust on the same."  

He went on to say that the Covid protocol will be carefully adhered to at the exhibition and that enough measures would be made to guarantee social separation and hygiene. "The increasing number of new brands in the Indian domestic market is a great indicator that the market is thriving," he added. The event is supported by more than ten key trade organizations in Tamil Nadu's garment and textile industries.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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03 December 2021, Mumbai:

Raw Material Supply Scheme is being implemented throughout the country to make available Yarn to Handloom weavers at a reasonable price.

Under the Scheme, freight charges are reimbursed for all types of yarn; and the component of 15% price subsidy is there for cotton hank yarn, domestic silk, wool, and linen yarn and blended yarn of natural fibres, with quantity caps.

National Handloom Development Corporation, State Governments through Commissioner/Director of Handlooms & Textiles, Apex Societies and State Handloom Corporations under the direct control & supervision of the State Governments are implementing agencies. Dyes & Chemicals of desired quality are also made available by National Handloom Development Corporation to handloom weavers through a network of depots and warehouses.

Skill up-gradation is a continuous process. Need-based skill up-gradation programme for handloom workers in technical areas viz. weaving, dyeing, designing etc. are conducted under SAMARTH- Capacity Building in Textile Sector including Handlooms.

This information was given by The Minister of State for Textiles Smt. DarshanaJardoshin a written reply in the Rajya Sabha today.

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

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul
2. Consumers will determine growth of sustainable fashion e-comm in India
3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'
4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22
5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

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