Textile Sphere News Roundup - November 7, 2024
1. Tamil Nadu to Announce
New Textile Policy Soon
The Tamil Nadu government is
preparing to unveil an updated textile policy that addresses the current
challenges faced by the state’s textile and apparel sectors. Officials from the
Department of Handlooms, Handicrafts, Textiles, and Khadi held a stakeholder
meeting in Chennai to discuss the upcoming policy. This policy will build on
the 2019 textile policy, adapting it to better meet the industry’s current needs.
The policy aims to provide targeted solutions for the sector’s growth and
sustainability.
2. Sanathan Textiles
Receives SEBI Approval for ₹800 Crore IPO
Mumbai-based Sanathan
Textiles has received approval from the Securities and Exchange Board of India
(SEBI) for a ₹800 crore initial public offering (IPO). The company, which
operates across polyester, cotton, and technical textile sectors, refiled its
IPO papers with SEBI in August 2024. The funds raised are expected to support
its expansion efforts across these textile segments.
3. Cotton Procurement
Centers Under MSP Scheme Open in Yadgir District
The Cotton Corporation of
India Limited (CCI) has opened cotton procurement centers under the Union
government’s Minimum Support Price (MSP) Scheme for the 2024-25 season in
Yadgir district, Karnataka. Farmers are encouraged to sell their cotton at
these centers. B. Susheela, Deputy Commissioner and Chairperson of the District
Task Force Committee, confirmed that the Hubballi unit of CCI will oversee the
procurement process to ensure fair pricing for farmers.
4. MLA Kanna Lakshminarayana
Calls for CM’s Intervention to Support Cotton Farmers
Sattenapalli MLA Kanna
Lakshminarayana has raised concerns about the Cotton Corporation of India’s
(CCI) procurement conditions, which require cotton to have a moisture content
of 12% or lower. Cotton exceeding this limit is currently being rejected, which
Lakshminarayana argues is an unfair standard for farmers dealing with variable
harvest conditions. He has requested intervention from the Chief Minister to
relax these conditions and provide relief for cotton farmers.
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