The Hindu : Front Page : Chinese team steps into textile city

Online edition of India's National Newspaper
Thursday, Jul 21, 2005

Front Page

Front Page

Chinese team steps into textile city

M. Soundariya Preetha

Machinery manufacturers make an impression on industry representatives

COIMBATORE: The meeting was scheduled to start at 6.30 p.m. and by 6.25 p.m. the Ball Room at the Residency here was packed. And, participants kept walking in despite the coordinators limiting the entry to two for each of the textile mills.

The turnout was for the visit of a Chinese textile machinery manufacturers' delegation on Sunday. Of the 350 participants, at least 100 were either directors or managing directors of mills in south.

After a brief by the Indian side on the objective of the visit, Vice-Chairman of the China Hengtian Group Liu Haitao spoke of the profile of his members. Though he spoke in Chinese (translated into English by one of the members), the audience was keen on gathering every detail.

This was mainly because the Chinese were speaking of short delivery schedules, apart from competitive price.

Vision statement

The vision statement of the Indian Cotton Mills' Federation envisages an investment of Rs. 37,000 crores in the spinning sector by 2010 for 31 million spindles.

With the quotas phased out and markets looking up, huge investments are happening in this sector and about two lakh spindles are being installed in the country every month, says an industry representative. Nearly 60 per cent of this is taking place in the south. Most of this comes from the domestic machinery manufacturers. But the delivery schedule range from a year to 18 months depending on the project size, he adds. Further, the Technology Upgradation Fund Scheme (under which five per cent interest subsidy is available) is valid till March 2007.

The mills are anxious on the overwhelming response to the meeting. Little wonder that at the one-to-one meeting held by the Chinese with interested mills on Monday, there were more than 10 participants including some leading mills. However, it is not clear how much of this will translate into actual business.

Printer friendly page
Send this article to Friends by E-Mail

Front Page