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TN spinning industry overrides rising raw cotton prices
03
Dec '10
Today, when the knitwear garment sector is uncertain about its future because of the rising prices of cotton yarn, the spinning sector appears to be very much positive about its fate.

Dr Selvaraju, Secretary General of the South India Mills Association, informed that there will be an addition of another 45 lakh spindles in the spinning sector next year, and that orders have already been placed for these spindles.

He remarked that during the last one year 33 lakh spindles were added, and also that considerably higher number of orders has been placed for next year. Three machine manufacturers are likely to source these orders, he added.

He foresees around Rs 100 to 110 billion worth of investments flowing in the spinning sector in years to come, and stated that these investments are very much required and bound to happen.

Further, he admitted that Tamil Nadu would attract fewer investments as compared to other states like Gujarat, Punjab, Rajasthan and Haryana. He also stated that extension of the Textile Upgradation Fund Scheme would further hike the demand and thereby the investments.

Replacement expenses are likely to consume around 30 percent of the total investments to be made in the spinning sector, while the remaining 70 percent is expected to go to green-field projects, majority of which are going to emerge outside Tamil Nadu, he stated.

Fibre2fashion News Desk-India

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