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OEM Update

LMW – Striving for Value Addition

September 13, 2010 9:22 am

LMW – Striving for Value Addition
 
“We are the largest Ring Frame manufacturers in the World and today out of the 41 million installed spindles in India about 29 million spindles have been supplied by LMW, and in this process the Indian spinners have become most competitive in the global yarn market”, says R Rajendran, Chief Financial Officer, Lakshmi Machine Works Ltd.
 
Lakshmi Machine Works is one of the leaders in Textile Machinery Manufacturing. What is your opinion about the Textile Machinery manufacturing industry in India?
The Textile Machinery Manufacturing Industry in India has established its position in the domestic and global markets. The industry manufactures the entire range of spinning machinery with the latest technology coupled with quality and cost had made an indelible mark in the spinning industry. In order to take advantage of cost benefit and also to exploit the market all multinational companies are establishing their manufacturing base in India.
 
You are a global player in spinning machinery segment. How mature is this segment in India, today?
The Spinning Industry has grown with more than 40million spindles installed in India. The Indian spinners are highly competitive on account of their efficient performance and capacity utilization. Apart meeting the domestic demand, this industry has considerable market share in yarn trade in the global market. This clearly reflects the contribution by the domestic machinery manufacturer by supplying cost effective quality conscious and technologically latest generation machines.
 
What is the total market size of this segment and what is your share?
Currently the total Installed spindles is around 41milloin. Our market share ranges around 70%.
 
Do you wish to mention the major road blocks in the growth of this niche industry segment?
For Spinning Industry the major road blocks are: Availability of Power, Manpower and low cost funds.
 
For Textile Machinery Industry the road blocks are: Rationalization of Taxes and Duties, Raw Material Costs, Reduction in transaction cost and trained man power.
 
The Textile Ministry intends to spend $500 billion on the infrastructure sector in the current five year plan ending 2012. Is it helping textile machinery manufacturing and spinning machinery industry to grow?
Yes, we are optimistic that the infrastructure spend will enable both the industries to grow further. Focussed initiatives under the spend programme will ensure good quality products reaching out to both the domestic and export market. This would mean increased activity for Textile Machinery manufacturers. Infact, the Textile Ministry among other things, is also looking at specialized textiles and design clusters with an aim to move India up the value chain besides focusing on new markets. Textile products with the GI tag will definitely benefit for considerable share in the global market 
 

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