The powerloom cluster of Avinashi has decided to stop purchasing yarn till May 25.
This decision comes in the wake of an announcement from Palladam powerloom cloth manufacturers to cut down production by 50 percent.
“The powerloom cloth manufacturers in Avinashi cluster have decided to stop procurement of yarn as well as halt production of fabrics for uncertain period”, said, Mr N Muthusamy, President - Avinashi Powerloom Cloth Manufacturer's Association.
“However a meeting is scheduled on May 15 by the Association to decide upon what needs to be done further”, he added by saying.
“Yarn rates have fallen down by Rs 25 per kg. As a result, there is a loss of Rs.10 per metre. Moreover no sale is happening, so production has been cut down by 75 percent and not 50 percent”, he informed.
Fibre2fashion News Desk - India
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