Browsing: Industry Update

Indian producers of purified terephthalic acid (PTA), a key raw material for manufacturing polyester chips, have cause for cheer with the Finance Ministry imposing definitive anti-dumping duty (ADD) on its imports from China, Iran, Taiwan, Indonesia and Malaysia. This Revenue Department move-which came less than a month after the recommendation of the designated authority in the Commerce Ministry-is expected to come as a relief for Reliance Industries and Indian Oil Corporation Ltd (IOCL).

The fight for survival of the once well-known name in stitching suits—S Kumars—has come to an end at the High Court, which has ordered its closure. The Bombay High Court has ordered liquidation of S Kumars’ nationwide assets and ordered the banks to appoint an official liquidator to recover debt. The company owes Rs 4,500 crore to 134 banks, including State Bank of India and ICICI Bank, and other financial institutions.

Passing the judgment on July 1, Justice BP Colabawalla gave four weeks’ time for the company to appeal against the order, and in the meanwhile, directed the banks to appoint the official liquidator to take charge of all the assets, properties, stock-in-trade, books of accounts and bank accounts of the company.

The textile industry continues to be the second largest employment generating sector in India. West Bengal has a long history and tradition in textiles. The sector provides both indirect and direct employment to a large number of people, with the potential to be a major contributor to the Indian economic growth.

To spur this economic growth, The Ffuture Events-a leading Event & PR Management & Advertising House of Kolkata-in association with Freeman Apparel & Lifestyle plans to organise ‘Fashion Mega Trade Fair 2016’, which is a three-day event to be held from December 9 to 11, 2016 at Milan Mela Ground in Kolkata, India.

The Southern India Mills’ Association based in Coimbatore has called for calmness among spinners in India in the wake of the downward cotton production estimate. To offset the abnormal rise in price in domestic markets due to speculation, the Southern India Mills’ Association’s (SIMA) Chairman M Senthilkumar has suggested larger mills to opt for imports to normalise price situation in India.

The National Handloom Development Corporation Ltd (NHDC) has kick-started one of its major initiatives ‘Silk Fab’ to connect consumers and weavers at one platform from Mumbai recently. Ujjwal Uke, IAS, Principal Secretary (Textile), Government of Maharashtra has inaugurated ’Silk Fab’ at World Trade Centre, Cuffe Parade, Mumbai. Around 100 agencies belonging to 14 states will be participating in this initiative.

During the recent weeks, cotton prices have increased by 50 per cent and are skyrocketing as multinational corporations are holding benami stocks with 0 per cent interest funding from their origin countries. Speculators via MCX, NCDEX are playing havoc with the cotton users, says Rikhab C Jain, Chairman, T T Group.

Heading into the second half of the year, the global apparel fabrics and accessories industry’s attention has begun to focus on the 2016 Autumn Edition of Intertextile Shanghai Apparel Fabrics, which will be held from October 11-13. Over 5,000 exhibitors from more than 25 countries and regions will take part and showcase an all-encompassing range of products across 260,000 sq m of exhibition space at the Nation Exhibition and Convention Center, Shanghai.