Lakshmi Machine Works, a manufacturer of textile machinery, has commissioned its unit in China and plans to invest $12.5 million there in two years.R. Rajendran, Chief Financial Officer of the company, told that the plant at Suzhou was commissioned last month and one machine was under erection for trial run at the customer unit. The proposal was to scale up annual production at the plant to one million spindles in five years.
Production would depend on the market demand. The company hoped to sell about 50 machinery (nearly 50,000 spindles) there in the first year and increase it gradually. Initially, components would be sent from here and machinery would be assembled at the plant.
China and India were the main markets for textile spinning machinery. China had about 100 million installed spindles and India, about 40 million spindles.