15 December 2021, Mumbai:

Markets regulator Sebi on Wednesday slapped a fine of over Rs 72 crore on Winsome Textile Industries Ltd, its directors, and two other individuals in a matter pertaining to the issuance of global depository receipts (GDR) by the firm.

The directors facing the fine are Ashish Bagrodia, Manish Bagrodia, and Satish Girotra. Winsome issued 1.29 million GDRs amounting to USD 9.99 million on March 31, 2011, and Pan Asia Advisors Ltd was the lead manager of the issue. Arun Panchariya was the managing director of Pan Asia Advisors.

Investigation revealed that Vintage FZE was the sole subscriber of the GDR issue. Mukesh Chauradiya was Vintage's managing director and Panchariya was its 100 percent beneficiary.

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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15 December 2021, Mumbai:

Raymond plans to raise Rs 100 crores. This will be done by issuing non-convertible debentures. The company will utilise the funds to strengthen its presence to overcome the disruptions caused by the Covid pandemic.

The fabric and apparel manufacturer has a store count of over 1,420 across all formats. The brand also sells online through its website and leading e-commerce platforms. Raymond is witnessing a demand surge to the tune of 60 percent for both its apparel and fabric segments.

Demand growth is aided by the favorable low base of last year. People are coming to the brand’s physical stores though they are maintaining caution. Also, average spending by customers has increased.

The pandemic significantly affected its revenues in the first half. However, the gradual unlocking in the second half of the fiscal helped the company to witness an encouraging rebound in the market with the progressive recovery of consumer sentiments.

There was a bounce-back in sales to almost three times in the second half as compared to the first half of fiscal ’21. In the fourth quarter of fiscal ’21, Raymond grew by nine percent.

On the supply side, there are some minor issues but the company has good relations with its suppliers and thus it doesn’t expect it to be a major challenge.

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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13 December 2021, Mumbai:

The Union Minister of Commerce & Industry, Consumer Affairs & Food & Public Distribution and Textiles, Shri Piyush Goyal today called for Partnerships among countries for achieving Sustainable Growth.

Addressing the Inaugural Session of the CII Partnership Summit 2021 on the theme “Partnering for Building a New World: Growth, Competitiveness, Sustainability, Technology” through video conferencing, Shri P. Goyal said India, as it assumes presidency of the G20, will leverage global partnerships for collective solutions to global issues.

Quoting the Prime Minister Shri Narendra Modi: - “It is only partnerships that will get us to our goals. Partnerships between citizens, Partnerships between communities, Partnerships between countries,” Shri Goyal said India has emerged as the ‘World’s Trusted Partner’.

“Even in the peak of the Covid, even under lockdown, India met all of its international service commitments despite lockdowns, and Services supply chains did not suffer for even a second,” he said.

Shri Goyal assured India will supply Covid vaccines to the whole world to tackle this “once in a century of its kind pandemic” and plans to manufacture 5 billion doses next year.

“In addition to protecting its own population, India has also provided medical supplies & equipment to more than 150 countries across the globe,” he said, adding, “It is in line with India’s ancient wisdom of ‘Vasudhaiva Kutumbakam’(The World is One Family). Nobody will be safe, until everybody is safe; nobody will be happy until everybody will be happy. "

Shri Goyal said the pandemic has put India under the spotlight, to introspect its potential as a Global leader especially at a time when the country is celebrating 75 years of independence “Azadi ka Amrit Mahotsav”. “India’s cumulative COVID-19 Vaccination coverage exceeds 1.33 billion doses,” he said.

Shri Goyal said all of us Ministers are working for the welfare of the poor with the Government’s philosophy of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas.’ “We have been running the world’s largest food distribution programme serving more than 800 million beneficiaries for 19 months besides the world’s largest health insurance programme reaching out to the poorest of the poor,” he said.

Calling for a just and equitable world trade order, Shri Goyal said, with ‘Panchamrit’, the PM has set very, very ambitious targets for India at the COP26. “India will reach its non-fossil energy capacity to 500 GW by 2030 & meet 50% of its energy requirements from RE.

We hope to attain Net Zero (Carbon Footprint) by 2070 in the fastest possible time,” he said.

Shri Goyal said, under PM Modi, India is on a Reform Journey that has transformed its landscape with several schemes like the PLI, PM Mitra, Reduction in Corporate Tax, Ease of Doing Business, and Single Window.

“Today India’s businesses are moving towards adoption of the tech. like 5G, AI, IoT (Internet of Things), etc. to achieve Manufacturing excellence.

India’s 65 million MSMEs are fast moving to embrace digitisation to make India a trillion-dollar digital economy,” Shri Goyal. “India’s economic performance has been robust; all economic indicators continuing on an upward trajectory. 8.4% GDP growth in Q2; Exports - $30 bn (Nov. 21; +26% over Nov. 20); Record GST collection (Rs 1.31 Lakh Cr in Nov); Highest ever FDI,” he added.

Reiterating PM Modi’s message given today at Varanasi, - “PM asked for 3 resolutions from the people for the country - cleanliness, creation and continuous efforts for a self-reliant India,” Shri Goyal exuded confidence that this summit will help in building new bridges to foster balanced & equitable global growth.

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

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)

14 December 2021, Mumbai:

India and the UAE are expected to complete the Comprehensive Economic Partnership Agreement (CEPA) by next month, according to Union Textile Minister Piyush Goyal.

"Hopefully by the end of this month or next month, we expect to finalize them (the discussions) so that this would probably be one of the fastest trade deals between two nations ever negotiated," he said through video conference to the India Global Forum, UAE-2021.

He also stated that the deal will be a win-win situation for both countries since it will "give market access to each other." Some of the provisions of the agreement are groundbreaking, especially for both countries.

It's worth noting that the UAE is a key market for Indian garment exporters, and CEPA will help them as well. According to the Minister, the Indian economy has been able to "essentially recover" from the recession it experienced last year as a result of the "extremely harsh lockdown" enforced to combat the epidemic.

"We've been able to look at extremely attractive growth rates; in the second quarter, July-September, we grew at 8.4%, which is one of the fastest growth rates in the world today," he continued.

Our investments are at an all-time high, and we've just seen some of the biggest FDI or FPI in the country. Indian enterprises are demonstrating more consistent and profitable growth. Our exports have been at an all-time high in recent months, both in terms of product and services."

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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13 December 2021, Mumbai:

KT Rama Rao, Telangana's Sector Minister, has stated that the federal government does not help the state's textile industry. He accused the Union government of not providing any financial assistance to the textile industry, claiming that multiple requests for assistance to the Centre had gone unheeded.

"The Telangana Government has asked the Centre for giving Indian Institute of H andloom Technology and a mega power loom cluster in Sircilla, as well as finances for Kakatiya Mega Textile Park, which is being created on 1,200 acres," the Minister said during a news conference in Sircilla.

The State Government wanted to establish textile parks in Dubbak, Gadwal, Narayanpet, Pochampally, and other locations, but the Union Government refused."

Notably, KT Rama Rao is the only minister who has addressed such concerns about the textile business categorically in recent years. Telangana, according to the Minister, is the only state that gives weavers a 50% subsidy on their materials. The state government has placed an order for weavers worth Rs. 1,134 crore under different initiatives. He said the state government will spend Rs. 400 crore on new programs, such as a work-to-order scheme for weavers.

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.

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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