A company of the Madurai-based Thiagarajar Group and German firm Euro Textiles will invest ₹100 crore to set up a specialised fabric production unit at Virudhunagar in Tamil Nadu.
The new joint venture plant that is expected to have 48 advanced air jet weaving machinery to produce three million metres of cotton jacquard fabric every year will initially be an export oriented unit. It will later explore opportunities in the domestic market too, said K. Hari Thiagarajan, Managing Director of Thiagarajar Mills.
The unit in which the Thiagarajar Group will have majority stake will produce a niche product and export grey fabric to Germany. India’s export of grey fabric to the European countries is relatively less. The India – EU FTA which is expected to be implemented in the next few months has opened up opportunities for the India fabric producers.
Yarn for the fabric will be supplied by Thiagarajar Mill and production will commence in the next eight to 10 months, he added.
