Financial Daily from THE HINDU group of publications
Sunday, Aug 15, 2004
Financial Daily from THE HINDU group of publications Sunday, Aug 15, 2004 |
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Corporate
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Announcements Ritspin Synthetics to enter garments business Badal Sanyal
Kolkata , Aug. 14 AS a part its value-addition plan, Ritspin Synthetics Ltd, a leading producer of yarn from man-made fibre, has decided to enter into the garments business by outsourcing capacity in the East European countries. The company is set to begin this business from Turkey and Romania, necessary tie-ups for which have already been finalised with garment manufacturers in these two countries. Explaining Ritspin's future plan, the Managing Director, Mr Manish Kumar, told Business Line that garments would be made under contract arrangement, to cater to the requirement of international retailers. Although the investment would be negligible, the company is expected to garner additional revenue of between Rs 100 crore and Rs 150 crore by March 2006, from the garments business. The company will be sending various types of yarn for conversion into garments against a conversion charge. Ritspin, with an annual production capacity of 9,000 tonnes of speciality yarn at its modern plant at Indore in Madhya Pradesh, posted a turnover of about Rs 84 crore during the fiscal ended March 2004. It now expects to achieve a turnover of about Rs 125 crore by March 2005 and between Rs 250 crore and Rs 300 crore by March 2006. Mr Kumar said India would get the advantage of playing a major role in the international market in the wake of phasing out the quota regime from January 2005. Textile exports were expected to grow by at least 33 per cent over the next three years. He felt that China, which commanded a 15 per cent share of the global market in textiles, would be an even bigger gainer under the quota-free regime. But India would also gain, lagging behind China by a substantial margin. He said that China had created large capacities and capitalised on economies of scale to dominate the world market.
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