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News Flash
Rieter considers setting ring spinning machinery facility in India
09 Dec '05
2 min read
Rieter AG, the Swiss multinational textile machinery major mulls textile machinery manufacturing unit for short staple spinning in India, stated Jorg Buchler, Sales Head, Rieter Textile Systems, Switzerland.
Addressing media from the sidelines of the German textile machinery symposium, he said, "We have approached the Government of India for necessary permission in this regard."
He did not state any further on company plans apart from the location of the facility planned.
Currently, Reiter's Indian partner Lakshmi Machine Works (LMW) has objected to Rieter's plans of setting up ring spinning machinery production in the country.
LMW argues that India does not permit foreign companies with more than 3 per cent equity in an Indian from setting up another unit in similar business line via the automatic route. Also, Rieter hold 13 percent stake in LMW.
Buchler informed that India was a good market for Rieter machinery and past two years showed significant growth with current year sales growing by 100 percent over previous year, he added.
Addressing media from the sidelines of the German textile machinery symposium, he said, "We have approached the Government of India for necessary permission in this regard."
He did not state any further on company plans apart from the location of the facility planned.
Currently, Reiter's Indian partner Lakshmi Machine Works (LMW) has objected to Rieter's plans of setting up ring spinning machinery production in the country.
LMW argues that India does not permit foreign companies with more than 3 per cent equity in an Indian from setting up another unit in similar business line via the automatic route. Also, Rieter hold 13 percent stake in LMW.
Buchler informed that India was a good market for Rieter machinery and past two years showed significant growth with current year sales growing by 100 percent over previous year, he added.
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