Corporates

Vardhman Textiles And EY Parthenon Launch GreenWeave Initiative

Textile Insights August 22, 2024

Vardhman Textiles Ltd., a leading Indian textile manufacturer, has announced a joint initiative with EY Parthenon (EYP), a global leader in strategy consulting services, named “GreenWeave.” Through this collaboration, EYP will serve as Vardhman’s trusted strategy advisor, guiding

Corporates

Trützschler Discontinues Man-Made Fibers Division

Textile Insights August 22, 2024

Trützschler Group has ceased its Man-Made Fibers Division, ending production of machines and systems for BCF and IDY yarns. The company will now concentrate on spinning, card clothing, and nonwovens. To support existing customers, Trützschler has partnered with Oerlikon for ongoing service and spare parts. Oerlikon, a global leader in the BCF and IDY sectors, […]

Corporates

Thermax Textile Plans Major Stake Sale In SBAC Bank

Textile Insights August 22, 2024

Thermax Textile Mills, a sponsor shareholder of SBAC Bank PLC, has announced plans to sell the majority of its stake in the bank. Thermax Textile is part of the Thermax Group, led by Chairman Abdul Kadir Molla, who currently holds a 4.27% stake in SBAC Bank PLC. A senior official of the private bank confirmed […]

Policies

Korea Launches Strategy To Boost Textile And Fashion Industry

Textile Insights August 22, 2024

Korean’s Trade, Industry, and Energy Minister Dukgeun Ahn announced the “Textile and Fashion Industry Competitiveness Strategy” during a conference at the Textile Center in Seoul. The strategy aims to address key industry trends, including the rapid growth of the industrial textile market, the increasing demand for eco-friendly products, and the widespread

Trade & Market

Maersk Opens Largest Middle East Logistics Park At Jeddah Port

Textile Insights August 22, 2024

A.P. Moller – Maersk and Saudi Arabia’s General Ports Authority, Mawani, have inaugurated the largest logistics park for Maersk in the Middle East, located at Jeddah Islamic Port. The ceremony was attended by notable figures including Engineer Saleh bin Nasser Al-Jasser, Minister of Transport and Logistics Services, Omar bin Talal Hariri, Chairman of Mawani, and […]

Corporates

Sanathan Textiles Refiles IPO Papers For Rs 800 Cr

Textile Insights August 22, 2024

Sanathan Textiles, a yarn products manufacturer, has refiled its preliminary IPO papers with SEBI for the third time, aiming to raise Rs 800 crore. The IPO will feature a fresh issuance of equity shares worth Rs 500 crore and an offer-for-sale of Rs 300 crore by promoters. The company initially filed draft papers with SEBI […]

Apparel, Fashion, Retail

Seematti Launches India’s First AI Fashion Brand Ambassador

Textile Insights August 22, 2024

Seematti, a esteemed name in Indian textile industry, has made history by introducing India’s first AI-based fashion brand ambassador. The 110-year-old brand now features Isha Ravi, an AI fashion model with a flair for colors and travel, representing independence and style. Beena Kannan, Seematti’s CEO and lead designer, praised the innovation as a significant advancement

Policies

Textiles Minister Reviews PLI Scheme Progress

Textile Insights August 22, 2024

Union Minister of Textiles, Giriraj Singh met the beneficiaries of the Production Linked Incentive (PLI) Scheme for MMF apparel, fabrics, and technical textiles on 20th August in New Delhi. The participants shared their ongoing commitment, successes, experiences, feedback, and challenges related to the scheme. Giriraj Singh confirmed the Government’s dedication to

Industry

SCZONE Unveils US$ 40 Mln Eroglu Garment Project

Textile Insights August 22, 2024

The Suez Canal Economic Zone (SCZONE) marked a major breakthrough on August 13, 2024, as Waleid Gamal El-Dien, Chairman of SCZONE, inaugurated the revolutionary ceremony for the US$ 40 million “Eroglu Garment” project. This venture, in collaboration with Turkish Eroglu Global Holding Group, is set to develop 64,000 square meters in the Qantara West Industrial

Sustainability

Gensol Bags Rs 40 Cr Solar Project from Textile Firm

Textile Insights August 22, 2024

Gensol Engineering Limited, a leader in solar EPC and electric mobility solutions, has secured a Letter of Award (LOA) to execute a 16 MWp turnkey rooftop solar project valued at Rs. 40 crore for a prominent textile company under the commercial and industrial (C&I) segment. This repeat order will be installed in Madhya Pradesh, with […]