Innovation in technology drives industry
Founded in 1962 to provide the Indian textile mills with the latest spinning technology, Lakshmi Machine Works Ltd (LMW) is today a global player and one among the three manufacturers of the entire range of textile machinery from blow room to ring spinning. Currently, LMW holds 60 per cent market share in the domestic textile spinning
Founded in 1962 to provide the Indian textile mills with the latest spinning technology, Lakshmi Machine Works Ltd (LMW) is today a global player and one among the three manufacturers of the entire range of textile machinery from blow room to ring spinning. Currently, LMW holds 60 per cent market share in the domestic textile spinning machinery industry. The companyÂ´s global presence has grown over the years, with a market presence not only in developing countries, but also in Europe. LMW diversified into CNC machine tools and is a brand leader in manufacturing customised products. At ITMA 2015, the global textile fraternity will witness LMWÂ´s Â¨Value Creation through InnovationÂ¨ in all the three subsystems at Hall 2, Stall E108.
R Rajendran, Director – Finance, LMW Ltd, who also recently became the new Chairman for the year 2015-16 at the Textile Machinery ManufacturersÂ´ Association of India (TMMA), was in talks with the ITJ team. He discusses about LMWÂ´s expectations at ITMA 2015 in Milan, and provides a SWOT analysis on the Indian textile machinery industry.
What do you think is the status of our textile machinery, parts & accessories industry — a SWOT analysis from your side.
The global textile trade is expected to grow at the rate of 6.60 per cent per annum over the next few years to reach a market size of $1,180 billion by the year 2020. India is one among the worldÂ´s largest producers of textiles and garments. Abundant availability of raw materials such as cotton, silk and jute as well as skilled workforce have made the country a sourcing hub.
The Indian textiles industry is set for strong growth, buoyed by strong domestic consumption as well as export demand. IndiaÂ´s current market share of 5 per cent of the total global textile exports is expected to grow to 8 per cent by 2020. The growing population and the consistent economic growth is set to increase the domestic per capita consumption of textile products. The textile machinery, parts & accessories industryÂ´s growth depends upon the performance of the textile industry. In order to achieve the targeted level, the machinery industry will provide state-of-the-art technology coupled with automation for the growth of textile industry.
What are your companyÂ´s contribution to the textile industry? What are the plans for the future?
Today the Indian spinning industry is well recognised in the global scenario for its quality, productivity & performance. LMW over the years has been a catalyst of growth for the global spinning industry. Looking ahead, we confidently continue our journey of partnering, serving and strengthening customersÂ´ businesses in such a way that it will directly contribute towards further growth in the textile industry. Continuing with the tradition, LMW always creates value through innovation to the customers. This concept has helped us to offer technologically advanced machinery for the spinning industry to achieve high quality & enhanced productivity and in turn control the total cost of ownership.
How has your company been faring in the export markets for your machinery?
LMW has been exporting machinery for the past four decades commencing its first overseas dispatch in the year 1977. Our exports have been increasing and today over 20 per cent of our revenues are from exports.
What is your wish-list for the textile machinery industry and also the Government to make the industry a leader internationally?
All the spinning machinery manufacturers established a base in India for serving the domestic and global markets. Innovation in technology & automation is driving the industry. The post spinning sectors has to be strengthened (i.e.) weaving, knitting, processi