Digjam Ltd, leading textile company of India, manufacturing suiting fabrics in an endeavour to expand its textile business and cater to the evolving market trends has entered into a joint venture (51:49) with Scotland based premium fabric maker Holland and Sherry for distribution of their products in the country.
Digjam Managing Director and Chief Executive Officer C Baskar said that they recently got the government approval for the new company. The JV has been named Holland and Sherry India Pvt Ltd. The newly formed company will have two persons each from Digjam Ltd and Holland and Sherry on the Board.
Earlier, Digjam were selling Holland and Sherry products after buying it from them. Now, they will be directly selling Holland and Sherry products in India. Also, they will utilise the network to distribute their own existing clothing and fashion business, both domestically and internationally, he said.
To a query, he did not rule out the possibility of making certain products for Holland and Sherry from Digjam's facility at Jamnagar, Gujarat, which has an annual capacity of five million metres of clothes.
They may use Digjam facility or some other manufacturing facility. They are still in the early stages of the joint venture.
According to Baskar, with industry research reports predicting a strong growth buoyed by both strong domestic consumption, as well as export demand, the Indian textile industry is expected to reach USD 220 million by 2020.
Last year there has been fluctuation in their revenues due to situation in United States and Europe. It was around Rs 130 crore. Fifty percent of the company's revenue was from overseas market. This (financial) year Digjam Ltd expects to register a turnover of Rs 160 crore in 2015-16.
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