According to a study by a team of KPMG professionals specializing in cross-border acquisitions and mergers, Indian businessmen will acquiring the US $35 billion worth share of the Indian textile industry.
Zurich-based Srikant Krishnan and Bryan DeBlanc, partners of KPMG, inform that number of textile machine manufacturers abroad are ready to sell their companies preferably to Indian manufacturers.
Indian businessmen are in the look out of such companies overseas and the potential acquisitions are due to the bang in the textile sector followed by the international demand for Indian products.
Entire world is looking at India for textile products, since India has witnessed a impressive growth in the textile sector, especially after the removal of the quota system, aired Krishnan.
Existence of a healthy judicial system and the language factor attracts foreigners towards India.
Indian textile export has grown by 25 percent during the 2005-06 period and Indian brands have also started making waves in the US and Europe, opined S K Saraf of Federation of Indian Export Organizations.
He pointed out that Indian garment brands such as Sarju International and Texport; Haute Chilli, a Maharashtra – based are already drawing good business from the US and Europe.
Exports worth over Rs 2 billion were each from Tirupur and Chandigarh. Current textile sector boom has resulted in an all-round development of the industry throughout the country.
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