Page 2 - Textile Companies

CBI books textile major S Kumars in Rs 1,245 crore loan fraud case

The CBI has booked textiles major S Kumars Nationwide Limited (SKNL) and 14 others including its promoters and directors for an alleged bank fraud worth Rs 1,245 crore, officials said Wednesday. Following registration of the FIR, the central agency on Wednesday searched 13 locations in Maharashtra, Gujarat and West Bengal linked to the accused and recovered "incriminating documents", CBI Spokesperson RC Joshi said. He said the company was engaged in the business of manufacturing high-value fine cotton fabrics and home textiles. The company had availed credit from a consortium of banks led by IDBI bank. Joshi said promoters/directors of the company were booked for allegedly "misusing/diverting the bank funds during the period 2012 to 2018" which resulted in loss of about Rs 1,245.15 crore to the banks. "The complaint was filed by the IDBI Bank Ltd. and also on behalf of four other member banks of the consortium, namely, Central Bank of India, The Jammu & Kashmir Bank Ltd., Punjab .

Steel, auto, textile companies at heart of PLI scheme job target

The government's ambitious target of generating over 6 million jobs in five years from PLI scheme will hinge on five of the 14 specified sectors reaching the magic numbers

Textile PLI scheme: 35 companies line up Rs 10,000-crore investment

The textile sector is worried about the stringent parameters, including the Rs 600-crore turnover and targets of additional incremental turnover of 25 per cent over the preceding year

KPR Mills, Raymond, Arvind: PLI scheme may trigger rally up to 23%

The shares of textile sector have witnessed renewed buying interest by market participants after the Union Cabinet approved the production-linked incentive (PLI) scheme on Wednesday.

Gokaldas Exports extends gains on commencement of operation at new unit

The company said it has a strong order book and is in the process of augmenting its capacity over the near term, to meet demand and clear Q1FY22 production backlog

Immense scope to create multiple textile hubs in Bihar: Industries minister

Bihar's Minister of Industries Syed Shahnawaz Hussain said there is an immense scope to create multiple textile hubs across the state.

Textile trading comes to a standstill in Surat amid second Covid-19 wave

The second wave of the pandemic has hit the medium- and small-scale sector like a tsunami. The first of a five-part series looks at the crisis

Welspun India spurts 10% on rating upgrades by India Ratings

The upgrade reflects WIL's better-than-Ind-Ra-expected balance sheet deleveraging through a strong operational performance

Garment sector hopeful of achieving growth in 2021, says industry body

The textile and apparel sector is confident of achieving the much needed growth in 2021

Low-value focus a loose fit for India's textiles and clothing sector

The fourth in a five-part series analyses factors derailing the country's apparel industry

Covid-19: Synthetic textile companies seek financial package to pay wages

The demand comes in the wake of closure of factories, wholesale and retail outlets due to the nationwide lockdown announced by the government on March 25

K Radharaman of the House of Angadi is reinventing the weave

How K Radharaman, founder of Bengaluru's House of Angadi, is helping to shape the course of India's textile history

Industry 4.0: How textile firms are using tech to become smart, sustainable

Indian textile industry is waking up to the possibilities of using Industry 4.0 concepts

Rising cotton price to hit margins of textile companies

Cotton, the key raw material for textile and apparel production, has become costlier by 6 per cent in March alone

Textile companies see profit revival in second quarter

Profit remained under pressure over traders' strike and extended impact of demonetisation