In a bid to supply fabrics to brands in Europe and US, Bangalore based Sri Krishna Spinning and Weaving Mill is planning to foray into a joint venture (JV) with Germany-based mill owners.
In an exclusive interview with Fibre2fashion, Mr Vinay M Yadalam, CMD of Sri Krishna Spinning and Weaving Mills, stated, “Many German mill-owners have closed down their units due to high labor and operational costs and are re-locating to India. We are in talks with a West Germany-based mill and are at the final stages of closing the deal."
Mr Yadalam further said that his company was negotiating with 2-3 other German mill-owners and that “atleast one deal will be sealed by the end of this year."
The company CMD also added, "Through the joint venture, we will be catering fabrics to European and US brands where supplies were initially made by the German mill-owners. We are eying a turnover of around Rs30 crore in the primary stages."
Yadalam also revealed the company's plan to set up another manufacturing unit in 18 months at Hassan in Bangalore. This massive plant will have the capacity to produce one lakh meters of fabric every day. A precise location for the purpose has already been selected and will involve an investment of Rs150 crore.
Fibre2fashion News Desk - India
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