Coimbatore LMW group co to diversify into home textiles
Coimbatore: The Lakshmi Machine Works (LMW) group outfit Adwaith Lakshmi Industries Ltd is foraying into home textiles/terry products to take advantage of strong growth prospects seen in export of cotton made-ups.
The company is set to implement a Rs 15-crore investment plan towards creating a home textiles division which will focus on producing bath/bedlinens and terry products for export market. The new division is locating its production facilities including own weaving, sizing, stitching and finishing within its existing production facility at Kanniyur near Coimbatore.
Ravi Sam, Managing Director of the Rs 100-crore Adwaith Lakshmi Industries, said the home textiles/terry project would initially turn out 3.5 tonnes of fabric per day for conversion into home textile products.
The company is having its own yarn production unit with a cumulative 35,000-spindle capacity, producing 75 tonnes of yarn per month. The home textiles project will be able to draw 25 per cent of this yarn for captive use for home textile products, thus giving value addition to its spinning operations.
Production by April: Sam told presspersons on Friday that his company having ordered necessary machinery for home textiles project would start the commercial production by April.
The new project has been conceived to up the value chain as the company's existing spinning operations experienced pressure on margins realised out of yarn business.
Source:sify.com
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With good international demand for terry towels and bed linen, the company would eye Europe, USA and the Middle East, he said, adding that Adwaith has also test marketed its products in Spain and China.
