Following the announcement of production-linked incentive schemes by the government, the technical textiles industry is likely to be the next bright spot for India Inc.
The sector is predicted to grow exponentially and might reach USD 5 billion in the next 3-5 years. The industry is collaborating with many Ministries and Research Institutions to focus on Quality, Cost, and Economies of Scale in order to excel in exports by producing economies of scale.
Texel Industries Ltd. is the pioneer of tarpaulins and geomembranes in India. The company’s manufacturing facility is located at Santej, Gandhinagar, Gujarat having an installed capacity of 9,000 MT per annum. The government on September 8 announced an incentive scheme for attracting private investments into the labour-intensive textiles sector including 10 technical textile products. The promoter holding of Texel has risen to 40.77% – a rise of 647 basis points from 34.3% from June 2020. The Company is further investing Rs. 29.92 crore in setting up a 10,080 MT facility for geosynthetics products at Kheda, Gujarat. Texel plans to raise up to Rs. 12.49 crore from the rights issue which is open for subscription from 31 August to September 29.
Geotextiles are going to be widely used in the construction of roadways and other infrastructure in the near future. Texel’s innovative product is a 100% recyclable alternative, which will replace the current flex used on hoardings across the country. The floating top cover is a cover for farm ponds and water reservoirs, which prevents 30% loss of water through evaporation.
