After consolidating its label printing consumables business, Ahmedabad based textile machinery manufacturer, Stovec Industries now plans to foray into sugar screens manufacturing. Eyeing the 20,000 sugar screens market in India, Stovec Industries is investing around a million euros for manufacturing of sugar screens.
"Since our existing textile printing machines and rollers plant has enough capacity to manufacture sugar screens as well, we are planning to foray into this new business in this financial year. We are roughly investing around a million euros for the same. Moreover, apart from sugar screens, we will also begin to manufacture digital inks for the textile industry," said Ashish Kaul, managing director of Stovec Industries.
Recently, Stovec's parent company, Netherlands-based Stork Prints shifted its textile printing machines business to the Ahmedabad unit completely. While the company was planning to shift its label printing business as well, it has chosen Holland as the base instead. The parent company had also sometime back scaled up its stake in Stovec from 51 per cent to 71 per cent.
Meanwhile, after tapping overseas markets like Turkey, Brazil, Europe and Russia, Stovec Industries Ltd. is also exploring the Chinese market for textile machineries exports since sometime.
According to Kaul, the recent expansion of its textile capital goods manufacturing capacity like printing machines and printing rollers has enabled Stovec to do so.
Stovec, recently, expanded its textile machine manufacturing capacity from 10-15 machines to 25-30 machines per annum to meet the precedented demand from China.
The company also expanded its label printing consumables capacity at its Ahmedabad unit to some extent.
"There is a huge growing market for label printing, especially among fast moving consumer goods (FMCG). Our next focus of expansion after machinery business will be label printing consumables and coating applications," Kaul told Business Standard earlier.
Operating in the high and mid tier category of textile machines, Stovec holds a market share of 55-60 per cent in the country. Among other things, the company also manufactures around 1,30,000 rotary screens per annum from the Ahmedabad plant.