Indian textile firms look to gain from China's woes
Reuters, Bombay
Indian textile makers are raising money and pulling in foreign partners to ramp up production quickly after global quotas elapsed, moves gaining fresh impetus from China's trade dispute with the United States and Europe.Soaring Chinese textile exports since the January 1 end of global quotas have prompted the United States to impose import limits and Europe to threaten caps. They say the Chinese export surge is disrupting their markets. The growing concerns over China's exports have led some potential investors to took to India as an alternative. "They see India as being capable of producing high-quality textile products, in addition to offering a large domestic market as well. Our partners picked us over China," said Gautam Singhania, managing director of Raymond Ltd, which has signed deals with two Italian firms in the last six months. Rival Arvind Mills is investing $28 million in a new garment unit and spent $22 million on plants to make suits and trousers, formal shirts and denim wear.
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