Financial Daily from THE HINDU group of publications
Saturday, Jun 10, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 10, 2006 |
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Corporate
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Alliances & Joint Ventures Hansel Textil enters jt venture with Sewing Our Bureau
Bangalore , June 9 Hansel Textil GmbH, Germany-based producer of interlinings for the clothing industry, has entered into a joint venture with Sewing Systems, a Bangalore-based company supplying garments and leather trims and accessories. Hansel has taken a 51 per cent stake in the joint venture, Hansel Textile Systems Pvt Ltd, which will combine the strengths of Hansel and Sewing Systems to tap the high-growth apparel market in the country. Sewing Systems has been Hansel's distributor for ready-to-apply interlinings and expects to grow its turnover from $1 million to $5 million with the new venture. The Indian market itself is set to double in five years from $20 million now, Mr Jasbir Singh Dhody, Managing Director, Hansel Textile Systems, told presspersons here on Friday. The joint venture company would be investing $1,00,000 initially for setting up three warehouses for stocking and assembling the products for the garments industry. Mr Wolfgang Schulte, Chairman and CEO of Hansel Textil and Chairman of Hansel Textile Systems, said the joint venture company would also be tapping the Indian automotive industry. Volkswagen, which will be setting up its manufacturing base in India, and Audi are already Hansel's important customers in Germany. Forty per cent of Hansel's output accounts for automotive sector like textile laminates and adhesive webs used in the interlinings of car doors and other products like insulation materials for electric cables in cars.
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