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Technical textiles industry is expected to be the next sunshine industry for India Inc post announcement of production linked incentive schemes by the Government.The industry is expected to see a quantum jump and could reach the size of USD 5 billion in the next 3-5 years. The industry is working in partnership with different Ministries, Research institutions and focuses on Quality, Cost, Economies of Scale to excel in exports by creating economies of scale.The government on September 8 announced an incentive scheme for attracting private investments into the labour-intensive textiles sector including 10 technical textile products. Under the production-linked incentive scheme - the government will offer incentives of around Rs. 7,000 crore to man-made fibres and around Rs. 4,000 crore to technical textiles."Technical textile is a capital-intensive, high-technology, R&D and Innovation driven industry. The industry is steadily gaining ground in India and we expect a quantum jump in the coming years post the government announcement. This will make Indian Technical Textiles globally competitive by creating economies of scale and ensuring efficiencies. The government has also launched a National Technical Textiles Mission in the past for promoting R&D efforts in the sector. PLI will help further, in attracting investment in this segment," said Shailesh Mehta, Managing Director, Texel Industries Ltd.Government announcement is expected to cover around 10 product categories in the technical textile category. An incentive of 3 percent to 11 percent of the annual incremental revenues' for five years will be provided to existing as well as proposed investments in the sector.Established in 1989, Texel Industries Ltd. is the pioneer of tarpaulins and geomembranes in India. The Company manufacture a wide range of geosynthetic textile products which includes tarpaulins and geomembranes.The company's manufacturing facility is located at Santej, Gandhinagar, Gujarat having an installed capacity of 9,000 MT per annum. The management has successfully turned around the company and was able to rebuild stakeholder confidence with higher sales and profits, resulting in it getting deregistered from BIFR in November 2016. For the quarter ended June 2021 promoter holding stands at 40.77% - a rise of 647 basis points from 34.3% from June 2020.The Company is further investing Rs. 29.92 crore in setting up a 10,080 MT facility for geosynthetics products at Kheda, Gujarat. Company has already deployed Rs. 14.73 crore from internal accruals and borrowings. Post completion of the expansion, installed capacity of the company will double to more than 19,000 MT per annum. Company plans to raise up to Rs. 12.49 crore from the rights issue which is open for subscription from 31 August to September 29. Proceeds of the rights issue will be utilised to fund the proposed expansion in Kheda facility."The company is further adding six new products to its product mix to include metal wrap, lumber wrap, roof tile underlay, geotextiles, floating pond covers and a product to replace billboard flex. These products will contribute significantly to the growth of not only sales but profits of the company."Geotextiles are going to be widely used in the construction of roadways and other infrastructure in the near future as it reduces initial construction costs and brings down frequent repair and maintenance work. The Ministry of Textiles has also endorsed and advised State Governments to use geotextiles in the construction of roads and highways."Additionally, the flex currently used on billboards and hoardings is non-recyclable. Texel's innovative product is a 100% recyclable alternative, which will replace the current flex used on hoardings across the country. The floating top cover is a cover for farm ponds and water reservoirs, which prevents 30% loss of water through evaporation. Texel has already installed 100,000 farm ponds across the country to whom this product can prove to be extremely beneficial," said Mehta.The Indian Technical Textile sector has bounced back very strongly post unlock from COVID-19 slump.This story is provided by NewsVoir.will not be responsible in any way for the content of this article. (ANI/NewsVoir)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Business :Technical textiles sector likely to be the next sunshine industry: Texel Industries

Technical textiles industry is expected to be the next sunshine industry for India Inc post announcement of production linked incentive schemes by the Government. ...