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Trade 22-06-2022

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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Trade 22-06-2022

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.

Advertise in FAIR EXPRESS 2022

Trade 20-06-2022

Monforts: Launches modular upgrade programme

ITME 2022: Soul of Textiles

10 June 2022, Mumbai:

Soul of Textiles” – India ITME 2022 Tradition to Trend under one roof.

11^th edition of India ITME will be held from 8^th – 13^th December 2022 at India Exposition Mart Ltd, Knowledge Park II, Greater Noida.

ALSO READ SGCCI to organise the ‘Global Textile Trade Fair’ in the US from June 9

This very important business event for the Textile Engineering Industry is being offered with many new features and facilities for the exhibitors to make good the loss of time and person-to-person contact over the last two years.

This Business exhibition shall be in a Hybrid format to ensure more connectivity & networking with business visitors and exhibitors for onsite & virtual B2B meetings.

RELEVANT NEWS Global Textile Trade fair, Atlanta on 9-11 June: Indian Pavilion

The only event in India which brings together 73 Countries & 97 domestic regions of Pan India under one roof; of this 52% of visitor’s belong to top Management & decision-makers enabling them to close business deals decisively. India ITME-2022 is going to be a very exciting business event for the Textile & Textile Engineering Industry after a long gap.

As an event organizer, India ITME Society has become a globally trusted name for quality and excellence and has successfully served the industry with commitment.

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Trade 10-06-2022

SIMA appreciates government for removal of anti-dumping duty on yarn

24 May 2022, Mumbai:

The Union Government has been periodically taking a series of policy initiatives to mitigate the unforeseen ill-effects and economic crisis posed by the Covid pandemic and make India the fastest growing economy and convert the challenges into opportunities by enhancing the global competitiveness of the Indian textile industry and create a record in exports.

Ravi Sam, Chairman, The Southern India Mills Association has thanked Prime Minister, Narendra Modi, NirmalaSitharaman, Minister of Finance, and PiyushGoyal, Minister of Textiles for removing the antidumping duty on elastomeric filament yarn.

ALSO READ SIMA, CHAIRMAN: Indian Textile Mills concerned about global order cancellations

According to him, the usage of elastomeric filament yarn in the dress materials including denim enhances the value addition considerably and throws opportunities to increase the exports.

The removal of the anti-dumping duty on yarn would create a level playing field for the Indian textile industry in the international market and also enable to import of high-quality elastomeric filament yarns that are not manufactured in India at a competitive rate.

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Sam said the Government had already removed the antidumping duty on most man-made fibers and their raw materials including PTA, MEG, PSF, VSF, acrylic fibers, and now the elastomeric filament yarn.

He welcomed the decision of CESTAT for endorsing the decision of DGTR and rejecting the proposal to consider the levy of ADD on the viscose staple fibres.

All these proactive and bold initiatives would make the recently announced production linked incentive scheme a successful scheme, attract huge investments and make India achieve an exponential growth rate in the MMF textile value chain, Sam stated.

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Trade 24-05-2022

SIMA appreciates government for removal of anti-dumping duty on yarn

Grasim Industries names Pavan Jain as CFO

18 June 2022, Mumbai:

Aditya Birla Group’s flagship company Grasim Industries has named Pavan Jain as its new chief financial officer and key business managerial personnel. As per a Fashion Network report, Jain will assume the new role on August 15, 2022. He will replace AshishAdukkia and is known for his strong track record in business.

Jain has worked for and with the Aditya Birla Group since 1991 and currently holds the role of senior president. He joined Aditya Birla’s Grasim arm’s corporate finance division in 2004, and has worked in the division since, contributing to the implementation of risk management systems, internal controls, and financial reporting among other things. Jain has also received the Aditya Birla Group Chairman’s Individual Award in both 2008 and 2022.

Grasim Industries is one of the top publicly licensed businesses in India and its headquarters are located in Nagda. As well as textiles, Grasim Industries manufactures insulators, ready mix concrete, viscose staple fibre, chemicals, fertilisers, and rayon grade pulp among other materials.

Trade 18-06-2022

Grasim Industries names Pavan Jain as CFO

Amazon prohibits Future Group from entering into deal with Reliance

09 June 2022, Mumbai:

E-commerce major Amazon has prohibited Future Group promoters from entering into any kind of transaction with Reliance Industries group either directly or indirectly.

ALSO READ Future Group companies’ results set to get delayed

In the notice dated June 6 to Future Group promoters, Amazon said that the scheme of arrangement between Future Group and Reliance was rejected by the creditors of Future Retail (FRL), but still FRL has through a fraudulent and convoluted stratagem already handed over as many as 835 retail stores to the MDA Group and now intends to transfer the entire supply chain, warehousing and logistics business by way of the proposed transaction to the MDA Group.

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It said that the proposed transaction is in continuation of a larger fraudulent stratagem to give effect to the impugned transaction by circumventing the binding injunctions contained in the EA (Emergency Arbitrator) order and subsequently re-affirmed by the arbitral tribunal in the tribunal order

Amazon said that the said actions are contrary to statements made before courts through pleadings or otherwise.

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Trade 09-06-2022

Amazon prohibits Future Group from entering into deal with Reliance

G2G Investment Incentive Agreement between India & the US

24 May 2022, Mumbai:

The Government of India and the Government of the United States of America have signed an Investment Incentive Agreement (IIA) today in Tokyo, Japan. The IIA was signed by Shri Vinay Kwatra, Foreign Secretary, Government of India, and Mr. Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation (DFC).

ALSO READ

This IIA supersedes the Investment Incentive Agreement signed between the Government of India and the Government of the United States of America in the year 1997. Significant developments have taken place since the signing of the earlier IIA in 1997 including the creation of a new agency called DFC, a development finance agency of the Government of the USA, as a successor agency of the erstwhile Overseas Private Investment Corporation (OPIC) after the enactment of the recent legislation of the USA, the BUILD Act 2018. IIA has been signed, to keep pace with the additional investment support programmes, offered by the DFC, such as debt, equity investment, investment guaranty, investment insurance or reinsurance, feasibility studies for potential projects, and grants.

RELEVANT NEWS

The Agreement is the legal requirement for DFC, to continue providing investment support in India. DFC or their predecessor agencies are active in India since 1974 and have so far provided investment support worth $5.8 billion of which $2.9 billion is still outstanding.

Proposals worth $4 billion are under consideration by DFC for providing investment support in India. DFC has provided investment support in sectors that matter for development such as COVID-19 vaccine manufacturing, healthcare financing, renewable energy, SME financing, financial inclusion, infrastructure, etc.

It is expected that the signing of IIA would lead to enhanced Investment support provided by DFC in India, which shall further help in India’s development.

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

Trade 24-05-2022

G2G Investment Incentive Agreement between India & the US

Sutraa plans four events across India

17 June 2022, Mumbai:

Business-to-customer shopping fair Sutraa will showcase a range of clothing, accessories, jewelry, and lifestyle brands at its upcoming editions in Indore, Hyderabad, Bangalore, and Raipur in June.

A shopping fair specializing in Indian fashion, Sutraa will hold a summer themed edition in Indore from June 18 to 19 at the city’s Hotel Sayaji. The event will provide a wide range of bridal and occasion wear for the summer wedding and festive season and showcase local brands’ products to shoppers looking to discover new brands. Participating labels will include Rishabh Collection, Busy Bee Homes, and Fashion Vashion among others.

From June 21 to 23, Sutraa will organize an event at the Hotel Taj Krishna in Hyderabad. Brands participating in this event will include women’s fusion wear brand The Creative Hub, apparel brand Shree Ganesh Boutique, fusion wear brand Am Clothing, and footwear brand Fiddaa Mumbai, etc.

From June 24 to 26, the event will take place at the Hotel Lalit Ashok in Bengaluru. At this event, women’s traditional wear brand Pitara will present an array of occasion wear along with a wide selection of brands in the bridge-to-luxury segment of the market. Sutraa will host its last event at The Triton by Diachi Hotels in Raipur from June 28 to 30.

Trade 17-06-2022

EPCH Participates in INDEX DESIGN FAIR 2022 at Dubai, UAE

28 May 2022, Mumbai:

Projects India as a profitable business destination.

More than 500 companies participated and attracted over 20,000 trade visitors.

ALSO READ

Export Promotion Council for Handicrafts (EPCH) set-up an exclusive Handicrafts of India pavilion along with member exporters in Index 2022 - Design Fair from 24 – 26 May 2022.

The EPCH India pavilion was Inaugurated by Dr. Aman Puri Consul General, Consulate General of India at Dubai in the presence of Rajesh Kumar Jain - Member COA EPCH, Shri Abhishek Jindal - Member, Central Regional Committee EPCH, and participating exporters.

Rakesh Kumar, DG EPCH informed that this year, 29 out of 50 Indian companies participated in INDEX Fair. The member got a positive response from the buyers on their exclusive products range of candles, wooden handicrafts items, textiles furnishing, leather products, lamps and lighting, ceramics, and rugs and carpets.

RELEVANT NEWS

More than 500 companies participated and attract over 20,000 trade visitors in this edition of Index 2022 after a gap of 2 years Covid Pandemic. Prominent member exporters from Moradabad Mr. Ashok Arora Member COA EPCH and Mohd. Shamsi visited the EPCH pavilion at the fair.

The Middle East countries including UAE are important markets for Indian handicrafts with exports of more than 2485.74 INR crores. The recently signed India-UAE FTA will pave way for enhanced export growth to the WANA region, Dr. Kumar added.

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

Trade 28-05-2022

EPCH Participates in INDEX DESIGN FAIR 2022 at Dubai, UAE

Vishal Fabrics promotes Vinay Thadani as new CEO

21 May 2022, Mumbai:

Leading denim manufacturer Vishal Fabrics has promoted VinayThadani to the position of chief executive officer of the organization.

He will replace BrijmohanChiripal, who relinquished the position with effect from 19th May 2022.

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Chiripal will continue as a managing director on the Board of the Company.

Thadani joined the Chiripal group of companies in 2017 and was the chief financial officer and chief operating officer of Vishal Fabrics Limited.

RELEVANT NEWS Kewal Kiran owing brand 'Killer Jeans' Q2 profit up

BrijmohanChiripal, Managing Director, says Thadani’srich experience in the Denim Industry space coupled with his expertise in building long-term partnerships will help Vishal Fabrics accelerate its growth strategy.

His strong understanding of business and proven ability to generate outcomes in the market makes him the perfect leader to take on this responsibility.

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Trade 21-05-2022

Vishal Fabrics promotes Vinay Thadani as new CEO

Lenzing x TfS: Look to build global sustainable supply chains

16 June 2022, Mumbai:

Lenzing continues to focus on partnering for systemic change

 Clear commitment to improving the environmental footprint of textile and nonwoven industries

 Global initiative TfS promotes the sustainable design of global supply chains

Lenzing –

The Lenzing Group, a world-leading provider of wood-based specialty fibers for the global textile and nonwoven industries, has joined the chemical industry’s sustainable supply chain initiative, Together for Sustainability (TfS).

Together with Lenzing, numerous internationally active chemical companies have joined the initiative. Their common goal is to make the global supply chains of the chemical industry sustainable.

“Joining the TfS initiative is another clear commitment to improving the environmental footprint of the global textile and nonwoven industries and proves that sustainability is taken very seriously at Lenzing – so much so that sustainability is at the heart of our business strategy. So much so, that it sits at the core of the Group’s business strategy.

The industry needs innovation in order to transition from linear to circular ways of working, and Lenzing will continue to partner across the supply chain to bring this vision to life,” says Robert van de Kerkhof, Chief Commercial Officer Fiber at Lenzing.

Trade 16-06-2022

Lenzing x TfS: Look to build global sustainable supply chains

Future Group companies’ results set to get delayed

25 May 2022, Mumbai:

Four listed firms of the Kishore Biyani-led Future Group on Tuesday expressed their inability to convene a board meeting before May 30 to approve their financial results for the March quarter and FY22 on account of vacant positions on their respective boards.

ALSO READ Future of Future Group?

The companies are — Future Retail, Future Lifestyle Fashion, Future Supply Chain Solutions, and Future Enterprises.

In the last two months, Future Retail, the flagship firm of the debt-ridden Future Group, witnessed several top-level exits after its Rs 24,713-crore deal with Reliance Retail was called off.

RELEVANT NEWS Future group promoter plans to plot a comeback in retail space

Earlier this month, FRL’s chief financial officer C P Toshniwal and company secretary Virendra Samani resigned from the company. It is MD Rakesh Biyani had also stepped down this month.

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CREDITS: ET NDTV Business Standard Global Online Money (The news article has not been edited by DFU Publications staff).

Trade 25-05-2022

Future Group companies’ results set to get delayed

Preview in Seoul 2022: August 24-26

19 May 2022, Mumbai:

Greater business opportunities are expected with increasing participation of domestic and overseas prospects.

Korea Federation of Textile Industries (Chairman Lee Sang-woon) looks forward to welcoming exhibitors to“Preview in SEOUL (PIS) 2022” which takes place at COEX Hall A from August 24 (Wed) to August 26 (Fri).

ALSO READ BGMEA: Bangladesh x South Korea a great combo to create win win

PIS celebrates its 23rd anniversary this year as a global fashion & textile exhibition and has been attended by approx. 300 companies in the fields of materials, subsidiary materials, machinery, IT, and fashion, including Korean manufacturers with considerable presence in the global textile material market, and 14,000 visitors online and offline.

PIS 2022 will take place under the theme of “Next Gate”, which means it will usher in a new era with new standards and values by recognizing COVID-19 as something to coexist within our life, and will focus on textile, eco-friendliness, and digital convergence.

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PIS 2022 will showcase the latest technologies and products developed by manufacturers of natural·regenerated fibers and high-functionality·industrial fibers. The“Sustainability Zone” and the “Digital Zone” will be newly operated to shed light on the transformation of the fashion and textile industry through the green and digital revolution.

The Indian pavilion at Korea's premier textile exhibition preview in Seoul on August 22 will be one of the key highlights.