India has a share of almost 25 percent in the world markets when it comes to cotton yarns...
With Fibre2Fashion Correspondent Cindrella Thawani, Mukund Choudhary talks about the importance of overseas market for Indian yarn manufacturers.
Spentex head quarters located at New Delhi. The company has five state of the art manufacturing facilities in India spread across Maharashtra and Madhya Pradesh, rolling out high quality 100 percent cotton and synthetic yarns.
Mukund Choudhary serves as the Managing Director of Spentex Industries Ltd. Besides, his erstwhile titles include Vice-Chairman of Confederation of Indian Textile Industry from September 2011; President of Northern India Textile Mills Associations from 2010-2011.
Moreover, he was nominated to the final panel for the young entrepreneur’s award in 2006 by Ernst and Young. Besides, he is graduated in Commerce from University of Delhi.
Inventory management and cash flows are the bottlenecks in this industry. According to you, what aid should be redeemed in this case?
The government policies towards the end of 2010, when exports were banned damaged the industry, which collectively made losses to the tune of INR 10,000 cr, owing to which has been under a lot of stress and pain. Further, industry has already made several representations to the government to allow restructuring of their debts due to the above mentioned reasons.
What kind of opportunities do you anticipate in overseas market?
We have an over capacity of about 25 percent, which needs to be sold overseas. Hence, overseas markets will always be significant for Indian yarn manufacturers. Moreover, overseas markets will remain range bound for the next six months after which we expect them to show improvement.
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