Textile industry of Tamil Nadu (TN) is ready to lure companies from the European Union to form JV.
More than 50 European companies are to come India in February to select partners for outsourcing production, informed Rajamani Krishnamurti of Confederation of Indian Industry (CII).
The CII is organizing meeting between Indian and European textile heavyweights.
The European companies will choose small, medium and big manufacturers who can offer quality products at competitive prices. And TN is expecting manufacturers in Erode, Coimbatore, Karur and Tirupur would be capable in catering their needs.
The joint meets in New Delhi and Mumbai will be attended by no less than 10 home furnishing manufacturers and experts from Erode.
Even if five percent of the European firms decide to form joint ventures with Indian companies, TN would get business worth $30 million, said Krishnamurti.
A top fashion retailer of Britain, Next plc has selected Tirupur to outsource knitted garments for 2006. It plans to invest Rs1 billion in Tirupur.
Next has found at least a dozen exporters and it intends to source 4 million pieces, each costing around $6, said Gwyn Williams, company's Regional Director.
marketing@alchempro.com
