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)

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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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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02 December 2021,  Mumbai:

PV dyed yarn and seamless apparel producer Sangam India NSE 4.98 % Ltd (SIL) on Thursday announced a Rs 137.25-crore plan for the expansion of its manufacturing facility.

This expansion plan, approved by the board of directors, will witness infrastructure development at SIL's manufacturing facility in Bhilwara, Rajasthan, the company said in a statement.

The total cost of the expansion project is funded partly by term loans of Rs 102 crores and balance Rs. 35.25 crore by internal accruals.

The move is aimed at increasing the capacity of their cotton yarn business by 47 per cent and knitted fabric business by 28 per cent.

ET  (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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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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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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06 December 2021,  Mumbai:

Doodlage, sustainable womenswear, and menswear business have added a recycled denim line to their upcycled product range, with the goal of minimizing textile waste. Doodlage's new recycled denim collection includes more fitted pencil skirts, relaxed-fit pants, and patchwork-style items constructed from various denim washes, according to the brand's website.

The indigo collection is created in Doodlage's typical contemporary, casual style, with red stitching accents adding a splash of color. The goal of the new collection, according to the brand's Facebook page, is to prevent denim waste from ending up in landfills and hurting the environment.

In its production procedure, Doodlage utilizes no chemicals. The company also doesn't use any fresh dye or electricity because it exclusively employs materials that have been handmade on a loom. Doodlage's dedicated e-commerce shop sells its new recycled denim line, as well as its regular collection and other repurposed clothes.

Upcycling manufacturing waste into modern, wearable apparel is the brand's core, but it also sells clothing created from recycled cotton and other materials, as well as lifestyle accessories. Doodlage reuses even little scraps of fabric by patching together smaller pieces of opposing cloth to produce a patchwork impression and has evolved its unique premium craft-core aesthetic.

Doodlage's dedicated e-commerce shop sells its new recycled denim line, as well as its regular collection and other repurposed clothes. Upcycling manufacturing waste into modern, wearable apparel is the brand's core, but it also sells clothing created from recycled cotton and other materials, as well as lifestyle accessories. Doodlage reuses even little scraps of fabric by patching together smaller pieces of opposing cloth to produce a patchwork impression and has evolved its unique premium craft-core aesthetic.

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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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02 December 2021,  Mumbai:

Textiles and apparels major Arvind NSE 0.77 % Ltd on Tuesday said the effluent discharge connection of its Ankur unit in Ahmedabad has been disconnected following a Gujarat High Court order.

The effluent discharge connections of about 141 units, including that of the Ankur unit of the company, were disconnected, following the High Court order to close all the units discharging water effluent in the sewage lines of Ahmedabad Municipal Corporation (AMC), Arvind Ltd said in a regulatory filing.

The company has filed a petition in the High Court against such closure and the next hearing is likely to take place on December 3, 2021, it added.

"Ankur unit has requisite approvals from relevant authorities to discharge treated industrial effluent," the company said.

ET (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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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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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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04 December 2021,  Mumbai:

Aim is to ensure beneficiaries don’t miss out on incentives owing to genuine delays.

The Textile Ministry is considering the option of providing certain flexibilities to investors under the ₹10,683-crore production linked incentive (PLI) scheme for the man-made fibre (MMF) and technical textiles sectors to help them meet the strict timelines for achieving the mandatory prescribed minimum annual turnover.

The idea is to ensure that the industry does not miss out on incentives due to genuine problems

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

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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02 December 2021,  Mumbai:

RSWM, one of India’s largest manufacturers and exporters of synthetic and blended spun yarn, is investing close to ₹350 crore across four plants, covering its prime verticals of denim and yarns.

Around ₹300 crore of the proposed investments are being made this fiscal and 80 per cent of it will be financed through bank loans. The remaining is via internal accrual.

According to Brij Mohan Sharma, Joint Managing Director, RSWM, the capex will be fully operational by FY23. Investments are expected to have a positive impact on the top-line by around ₹575 crore.

Capacity expansion

The additions to RSWM’s denim-making facility at Rajasthan have already been brought on-stream in September, thereby adding around 7,00,000 metre per month to its already existing 21,00,000 metre per month capacity.

Setting up of an additional 18,000 cotton spindles for the captive use in denim-making and another 30,000 spindles for speciality cotton mélange yarn manufacturing – both in Rajasthan – are expected to be complete around January 2022 and around April 2022, respectively.

Expansion of knitting plant

Part of the capex goes towards expansion of RSWM’s knits plant (also in Rajasthan) to 420 tonnes per month that will cater to the current demand for athleisure apparels.

RSWM’s capacity at present is 300 tonne per month. Plans are afoot to increase it to 1,000 tonnes over the next 18-24 months keeping in mind the rising demand for athleisure offerings. The segment has seen a nearly 30 per cent growth with branded apparel players expanding their portfolio in categories like track pants, active-wear and so on.

“Talks are on to look at underwriting a part of the investment in the vertical by international players,” Sharma said. Earlier this year, RSWM sold off the Mayur Fabrics and PV Suiting Global distribution network to Donear Group.

Positive sentiments

For H1 FY22, RSWM reported a PAT of ₹80 crore. It had reported a loss of ₹83 crore in the year-ago-period. Turnover for the first half of FY22 stood at ₹1,695 crore.

Also see: Industry body PHDCCI pitches for lowering of GST on textiles

“We continue to see the rallying effect of the positive sentiments and market recovery on the business in FY22. The yarn business witnessed a sudden surge in demand in H2 FY21 and the order book is well placed till mid of February 2022. With ease in restrictions, the denim business is witnessing better demand and traction,” Sharma told BusinessLine.

According to Sharma, order books are to the tune of ₹250 crore a month, going by the current run rates, for the months beginning October to January. This means RSWM will be using up its full capacity for these months.

Limited Omicron impact

Nearly 30 per cent of RSWM’s total sales volume comes from exports across 78-odd nations. However, international operations and exports are yet to see an impact from the emerging Omicron Covid variant.

“I can tell you the first wave of Covid infections were the worst in terms of effect on business. The second wave did not have that severe an impact on businesses. But, it is is still early to comment on Omicron and its impact on businesses. But as of now the impact is nil. We need to watch out,” Sharma added.

Debt reduction

RSWM is also looking at a debt reduction to the tune of ₹200 crore for FY22. RSWM long-term debts are to the tune of ₹450 crore which, according to Sharma, is “the lowest in the last 10 years”.

Also see: Domestic garment industry slowly limping back to normalcy

Working capital requirements are around ₹350 crore and “nearly ₹150 crore worth of drawing power from banks” remain unutilised.

“We are looking at pre-payment of long-term loans which will help us in reducing finance costs. Moreover, we do not see any significant impact on our debt-equity ratio, despite the capex. Our liquidity is also improving,” Sharma said.

BUSINESS LINE (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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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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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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02 December 2021,  Mumbai:

Out of 56 textile parks approved/sanctioned by the government, 24 have been built according to plan requirements, with a total of 1,757 units operating and about Rs. 12,470 crore in investment mobilized - producing 95,644 employment to date.

Darshana Jardosh, Minister of State for Textiles, provided this information in a written reply to the Lok Sabha.

The SITP, which is being implemented by the Indian government, provides support for the development of world-class infrastructural facilities for the establishment of textile plants.

Notably, the government funding of up to Rs. 40 crore each park is paid out in installments, depending on how far infrastructure and common facilities have progressed.

The government has approved the establishment of seven PM Mega Integrated Textile Region and Apparel (PM MITRA) Parks in Greenfield/Brownfield sites, including plug and play facilities, with an outlay of Rs. 4,445 crore for a period of seven years up to 2027-28 to attract investment, boost employment generation and position itself strongly in the global textile market.

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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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01 December 2021,  Mumbai:

Following a High Court order to close all units releasing water effluent in the sewage pipes of Ahmedabad Municipal Corporation, the effluent discharge connections of roughly 141 units, including the company's Ankur facility, were removed (AMC).

Although the corporation stated that attempts are being taken to restore normalcy, it added that "given the unpredictability of the situation, it is impossible to assess the impact on production/operations at this time."

Arvind Ltd., the world's largest textile and clothing company, has filed a lawsuit in the High Court to prevent the closure, with the next hearing scheduled for December 31, 2021.

In a regulatory filing, the business started, "Ankur plant has essential licenses from relevant authorities to release treated industrial effluent." In 2020-21, the unit, which produces voiles and other fabrics for the domestic market, generated sales of Rs. 232 crore and EBITDA (profits before interest, taxes, depreciation, and amortization) of Rs. 28 crores.

In this respect, Mihir Thakore, a senior lawyer for Arvind Limited, asked the division bench to circulate the case, citing the fact that the disconnection has resulted in the layoff of 1,200 workers at the industrial plant.

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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