L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD, Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills at an ITF meeting.
Demonstrating collaborative growth in Tamil Nadu’s textile sector, the Coimbatore based Indian Texpreneurs Federation (ITF) ended cotton year 2016-17 on a successful note. During the cotton year that ended on September 30, 2017, ITF formed a consortium initially of 35 spinning mills for quality cotton procurement to help the state’s textile sector.
During the year, the ITF Cotton Team purchased 2.2 lakh bales for Rs 550 crore, ITF said in a video release. It was a satisfying year for all the stakeholders and foundation was laid for meaningful partnership with ginners, the release said.
While ITF Cotton Team visited facilities of ginners, ginning mill owners, especially from Telangana and Maharashtra, visited spinning mills owned by ITF Cotton Team. It was a “great mutual learning experience to improve standards”.
The ITF Cotton Team currently comprises 37 top class spinning mills with a capacity to consume 4 per cent of India’s total cotton consumption. The team plans to target procurement of 5 lakh bales of quality cotton, upgrade its market intelligence, expand network, and thereby increase business of their partner ginners.
Informing about uniqueness of ITF Cotton Team, the video says it has “mills with strong financials, professional approach, quality cotton focus, repeat business, learn and grow together, security in trade being in a consortium, dedicated ITF agents, and win-win for all.”
The video ends with a message: “Let us demonstrate real partnership based on trust and long term mutual growth in cotton trade.”
The ITF Cotton Team was formed with the coming together of 35 of the 400 ITF member mills with an aim to jointly purchase cotton. It is because raw material (cotton) cost is the major factor in spinning mills manufacturing cost, often ranging from 60 per cent to 70 per cent. So, even one per cent savings by way of good quality, better pricing, or timely purchase can help the spinning sector reduce its cost of manufacturing. (RKS)
Source Fibre2Fashion News Desk – India