Financial Daily from THE HINDU group of publications
Wednesday, Mar 29, 2006
Financial Daily from THE HINDU group of publications Wednesday, Mar 29, 2006 |
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Corporate
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Alliances & Joint Ventures BSL, French co in tie-up Our Bureau
Mumbai , March 28 Banswara Syntex Ltd (BSL) has entered into a 50:50 joint venture with Carreman Michel Thierry (CMT), France, to set up a textile unit in Rajasthan at a cost of Rs 36.75 crore. The company, to be named Carreman Fabrics India Ltd, would produce and export lycra-based designer fabrics. The initial capacity would be 40 lakh metres of fabric a year. CMT, with manufacturing facilities in France and Romania and a 150 million euro turnover, currently exports 40 per cent of its textiles to the US. Addressing newspersons here on Tuesday, Mr Francois Morel, Chairman and Managing Director, CMT, said, "Our production cost for fabrics is $ 5 a metre in France, $ 3.80 in Romania and $ 2 in India. Therefore, we would like to set up a unit here," Mr Morel said. CMT would provide technical and marketing support. Sourcing of yarn, as also dyeing and processing of the fabric would be done at the BSL facility. Mr R.L. Toshniwal, CMD, BSL, said 60 looms would be set up initially, which would eventually be increased to 180 looms.
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