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NCLT: Insolvency proceedings initiated against Future Retail

20 July 2022, Mumbai:

A company court on July 20 allowed a consortium of lenders, led by Bank of India, to initiate insolvency proceedings against debt-laden Future Retail. The order was pronounced by the Mumbai bench of the National Company Law Tribunal (NCLT).

The two-judge bench of Pradeep Narhari Deshmukh and Shyam Babu Gautam also said that Vijaykumar V Iyer of Deloitte will be appointed as the interim resolution professional of the company.

RELATED NEWS . Reliance Retail eyes at Future assets under IBC 

ALSO READ  Alternative plan may help Future Retail lenders recover dues, minimize damage

The NCLT's order goes against US online retailer Amazon, a shareholder in Future Coupons. Amazon had alleged that the Bank of India’s petition to initiate insolvency proceedings against the Indian retailer was "malicious."

It had also alleged that lenders to Future Retail, including Bank of India, were colluding with Future Retail by initiating the sale of the distressed company’s assets to Reliance Retail.

(Money Control Report)

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NCLT

Source Fashion Launches to replace Pure Origin

19 July 2022, Mumbai:

SOURCE FASHION LAUNCHES TO REPLACE PURE ORIGIN From field to fashion, responsibly sourced.

From February 2023, Source Fashion will replace Pure Origin as part of a brand evolution reflecting a new vision for sustainable, ethical, and inspirational material and textile sourcing.

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From raw materials and trims to fabrics and packaging, Pure Origin, which runs alongside Pure London, has brought inspiration to designers and buyers around the world. With an urgent need for retailers to adopt a diversified, transparent, and ethical supply chain, Source Fashion becomes the gateway to UK retail and sets the new standard for how inspiration, collaboration and awareness will shape the future of responsible product sourcing, from the field to fashion.

Source Fashion will debut on the 12th – 14th of February 2023 and is set to be a leading sourcing destination amongst the European buying community.

Connecting buyers and manufacturers and raw material suppliers, Source Fashion will bring its vision to life with new values:

Responsibility

Sustainability

Inspiration

Suzanne Ellingham, Director of Sourcing at Hyve Group said: “We believe that Source Fashion represents an important step change in responsible sourcing that the Fashion community craves.

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Source Fashion Launches to replace Pure Origin

India, UAE: Industry body to promote cooperation

18 July 2022, Mumbai:

Aimed at boosting trade ties between India and the United Arab Emirates, a new industry body The Indo-UAE Economic Chamber of Commerce was launched here on Sunday, officials said.

A memorandum of understanding was signed between MM Gems and Jewellers, and Majestic Investment, United Arab Emirates in this connection, a press release issued on Sunday said.

RELATED NEWS .  The garment sector applauds the India-UAE CEPA, claiming that it will enhance apparel exports and jobs 

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According to UAE-based Majestic Investments representative Sheikh Majid Rashid Al Mualla, the trade between the two countries grew to USD 59 billion in 2019 from USD 180 million in the 1970s.

The majority of sectors are focused on increasing trade between the two countries including the services sector, sea transport, power, and construction, among others.

CREDITS: ET (The news article has not been edited by DFU Publications staff)

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India, UAE: Industry body to promote cooperation

ITMSS: International Textile Machinery Shipment Statistics

06 July 2022, Mumbai:

Worldwide Shipments of New Textile Machinery 2021 were as High or Higher than Pre-Pandemic.

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In 2021, global shipments of spinning, texturing, weaving, knitting, and finishing machines increased sharply compared to 2020. Deliveries of new short-staple spindles, open-end rotors, and long-staple spindles rose by +110%, +65%, and +44%, respectively.

The number of shipped draw-texturing spindles surged by +177% and deliveries of shuttle-less looms grew by +32%. Shipments of large circular machines improved by +30% and shipped flat knitting machines registered a 109%-growth. The sum of all deliveries in the finishing segment also rose by +52% on average.

These are the main results of the 44th annual International Textile Machinery Shipment Statistics (ITMSS) just released by the International Textile Manufacturers Federation (ITMF). The report covers six segments of textile machinery, namely spinning, draw-texturing, weaving, large circular knitting, flat knitting, and finishing.

A summary of the findings for each category is presented below. The 2021 survey has been compiled in cooperation with more than 200 textile machinery manufacturers representing a comprehensive measure of world production.

Spinning Machinery The total number of shipped short-staple spindles increased by about 4 million units in 2021 to a level of 7.61 million. Most of the new short-staple spindles (90%) were shipped to Asia & Oceania, where delivery increased by +115%.

While levels stayed relatively small, Europe saw shipments increasing by +41% (mainly in Turkey). The six largest investors in the short-staple segment were China, India, Pakistan, Turkey, Uzbekistan, and Bangladesh.

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ITMSS: International Textile Machinery Shipment Statistics

CII: MSME Growth Summit 2022

16 June 2022, Mumbai:

The Confederation of Indian Industry (CII) is organising the maiden edition of the Indian MSME Growth Summit, on the occasion of International SME Day, on 27 – 28 June 2022, at The Lalit, New Delhi. The theme for the Summit is “Maximizing MSME outreach for Business Development and Sustainability” with a focus on Finance, Technology, and Digital Commerce.

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In the wake of the changing business dynamics across the globe, it is imperative that the key enablers and drivers of businesses are examined and overhauled considering the compelling requirements of the new age business patterns. Today, the future of any MSME Business lies in how it embraces innovation to become future-ready

In the above context, the CII Indian MSME Growth Summit, will bring forth the relevant deliberations and will witness the gathering of senior government officials, leaders from the banking sector, both public and private, private equity and venture capitalists, technology solution providers, and other captains of Industry.

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CII: MSME Growth Summit 2022

TSC: Restructuring

14 July 2022, Mumbai:

Textile Sector Skill Council (in short TSC) is a non-profit making organisation having a license under Section 8 (1) of the Companies Act, 2013 registered under the Companies Act 2013. Textile Sector Skill Council has been approved by National Skill Development Corporation, set up by Ministry of Finance, Govt. of India.

Reference to the 29th Board Meeting of Textile Sector Skill Council (TSC) held on 01st July 2022. The Board of TSC has approved the following restructuring of TSC staff.

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Dr. J V Rao, Chief Executive Officer has been taken as an advisor to TSC w.e.f. from 15th April 2022.

Dr. Swapna Mishra, Director (C & T) has been promoted to the post of Chief Operating Officer and given additional responsibilities of Officiating CEO w.e.f. 15th April 2022 till a new CEO is appointed.

Dr. Vijay Yadav Director (Operations) has been promoted to Executive Director w.e.f. 15th April 2022.

 

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TSC: Restructuring

Monforts: Launches modular upgrade programme

20 June 2022, Mumbai:

Major savings with the Monforts modular upgrade programme. Monforts is introducing a range of modular upgrades that can be added to existing finishing lines
already in production.

“Our machines are known for their robustness and long service life, but the retrofitting of specific modules with new control and drive technology – going far beyond the basic replacement of spare parts – can have a significant impact on the performance of an existing line,” says Monforts Marketing Manager Nicole Croonenbroek.

A Monforts Eco Booster, completely integrated into the chamber design of the Montex stenter, is another retrofitting option. As a single state-of-the-art heat recovery system with automatic cleaning, it can be added to existing ranges.

In addition, the Eco Booster consumes only minimal amounts of water during the cleaning cycle and the entire process is controlled and monitored automatically.

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Monforts:  Launches modular upgrade programme

Textile Fairs India: Scheduled for July in Delhi

13 July 2022, Mumbai:

Textile Fairs India

YARNEX, F&A Show, Denim Expo, ASF, and Homtex are scheduled on 21-23 July 2022 @ Pragati Maidan, New Delhi. 

The FIVE shows will integrate the manufacturers and suppliers of fibers, yarns, apparel fabrics, denim, trims, embellishments, apparel, home textiles, home décor, and services from India and overseas to showcase their merchandise to buyers from across the world.

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Textile Fairs India will bring together scores of domestic and international fashion manufacturers to showcase upcoming trends and provide opportunities for them to network to expand their distribution networks.

Countries including India, Austria, China, Hong Kong, and Japan will take part in the event and showcase textiles such as yarns and fibers, trims and embellishments, and readymade garments.

A special focus will be on sustainable fashion.

Industry professionals will discuss how to make production more environmentally friendly and a dedicated sustainable fashion showcase will shine the spotlight on recycled and upcycled clothing.

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Textile Fairs India: Scheduled for July in Delhi

New trend & technology report: Mapping of advanced recycling technologies

01 July 2022, Mumbai:

New trend and technology report: Mapping of advanced recycling technologies for plastics waste – providers, technologies, and partnerships.

The report aims to clear up this jungle of information by providing a structured, overview and in-depth insight. It focusses on profiling more than 100 available advanced recycling technologies and related providers on 200 pages including 14 figures and one table. Target audiences are the chemical and plastic industry, brands, technology scouts, investors and policy decision-makers.

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Advanced recycling technologies are developing at a fast pace, with new players constantly appearing on the market, from start-ups to chemistry giants and everything in between. New plants are being built, new capacities are being achieved, and new partnerships are established.

Due to these dynamic developments, it is difficult to keep track of recent developments.

The report “Mapping of advanced recycling technologies for plastics waste” aims to clear up this jungle of information by providing a structured, overview and in-depth insight.

It focuses exclusively on profiling available technologies and providers of advanced and especially chemical recycling solutions including new technologies and updated company profiles.

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New trend & technology report: Mapping of advanced recycling technologies

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