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Economic Times
10 minutes ago
- Economic Times
India's textile exports face uncertainty as companies shift production to Vietnam, Indonesia, and Africa
While uncertainty looms over India's Rs 87,000-crore annual textile exports to the US, a handful of companies with manufacturing facilities overseas plan to shift production for American customers out of India. Pearl Global Industries, a listed firm, has said production for the US market will be reassigned to more favourable hubs. 'We are seeing positive momentum from US customers for our Vietnam, Indonesia, Bangladesh and Guatemala operations,' Pearl Global said during its quarterly results announcement. Another large textile exporter plans to move its US orders to Africa. 'We have a facility in Africa, where we will try to shift our US orders,' said CEO of one of the top 10 garment and textile exporters, requesting anonymity.'We are seeing healthy growth in Indonesia and Vietnam, following the early resolution of tariff structures in these markets. Now that the US has declared final reciprocal tariffs on all major garment manufacturing countries at 19-20%, we are seeing positive momentum from US customers for our Vietnam, Indonesia, Bangladesh and Guatemala facilities,' said Pallab Banerjee, managing director, Pearl Global, during the earnings call. Pearl Global has manufacturing bases in India, Bangladesh, Vietnam, Indonesia and Guatemala. It exports fashion garments — including knits, wovens, denim, outerwear, activewear and athleisure — to global brands such as Chicos, Kohl's, Old Navy, Poligono, Primark, PVH, Ralph Lauren, Stylem and Target.'With a 50% tariff imposed on India, Pearl Global is recalibrating its business strategy to adapt to evolving trade dynamics. While production for the US market will be reassigned to more favourable hubs, India will continue to grow by tapping new and advantageous partnerships, such as the UK FTA, and focusing on other existing FTA markets like Japan and Australia until the US tariff issue is resolved,' Banerjee said. The company said US revenue from its India operations in FY25 stands at 16-18% of group revenue, while bottom line from the US business accounts for 4-5% of overall group profit. 'We believe such recalibrations should help retain customer wallet share and maintain profitability,' he said. The company will also proceed with its capital expenditure plan in Bangladesh.
Time of India
26 minutes ago
- Time of India
India's textile exports face uncertainty as companies shift production to Vietnam, Indonesia, and Africa
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel While uncertainty looms over India's Rs 87,000-crore annual textile exports to the US, a handful of companies with manufacturing facilities overseas plan to shift production for American customers out of India. Pearl Global Industries , a listed firm, has said production for the US market will be reassigned to more favourable hubs. 'We are seeing positive momentum from US customers for our Vietnam, Indonesia, Bangladesh and Guatemala operations,' Pearl Global said during its quarterly results large textile exporter plans to move its US orders to Africa. 'We have a facility in Africa, where we will try to shift our US orders,' said CEO of one of the top 10 garment and textile exporters, requesting anonymity.'We are seeing healthy growth in Indonesia and Vietnam, following the early resolution of tariff structures in these markets. Now that the US has declared final reciprocal tariffs on all major garment manufacturing countries at 19-20%, we are seeing positive momentum from US customers for our Vietnam, Indonesia, Bangladesh and Guatemala facilities,' said Pallab Banerjee, managing director, Pearl Global, during the earnings Global has manufacturing bases in India, Bangladesh, Vietnam, Indonesia and Guatemala. It exports fashion garments — including knits, wovens, denim, outerwear, activewear and athleisure — to global brands such as Chicos, Kohl's, Old Navy, Poligono, Primark, PVH, Ralph Lauren, Stylem and Target.'With a 50% tariff imposed on India, Pearl Global is recalibrating its business strategy to adapt to evolving trade dynamics. While production for the US market will be reassigned to more favourable hubs, India will continue to grow by tapping new and advantageous partnerships, such as the UK FTA, and focusing on other existing FTA markets like Japan and Australia until the US tariff issue is resolved,' Banerjee company said US revenue from its India operations in FY25 stands at 16-18% of group revenue, while bottom line from the US business accounts for 4-5% of overall group profit. 'We believe such recalibrations should help retain customer wallet share and maintain profitability,' he said. The company will also proceed with its capital expenditure plan in Bangladesh.
Time of India
36 minutes ago
- Time of India
Steel stalemate: Chilla flyover project hits another roadblock
Noida: The Chilla elevated road project — a critical infrastructure initiative aimed at alleviating traffic congestion at the Noida-Delhi border — is once again mired in controversy. A fresh dispute between Noida Authority and UP State Bridge Corporation Limited over steel quality and unpaid dues threatens to derail the project's timeline, which has already been plagued by delays since its inception in 2012. The Authority recently issued a notice to the corporation, alleging the use of substandard steel in piling work. In response, the corporation demanded that the Authority release nearly Rs 100 crore in dues for work completed by the current contractor — MG Contractors Pvt Ltd, in partnership with R&C Infraengineers. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Officials at the bridge corporation have warned that construction can be halted if payments are not released immediately, potentially delaying the project by up to six months because of the demobilisation of equipment and manpower. The Authority has said that while payments will not be withheld if the work meets contractual standards, it will not compromise on construction quality. "Payments will never be an issue, but the quality of construction could be one. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee Pain Keeping You Up at Night? This Trick Could Help Instantly Read More Undo Instructions are already in place to clear the payments in keeping with the norms," said Vijay Rawal, DGM (civil) at the Authority. The corporation has submitted two bills — one for over Rs 34 crore on Aug 6 and another for Rs 57 crore on July 10, with the first bill still unpaid. It has also sought payment for work carried out by the previous contractor, totalling over Rs 7 crore, which includes two running bills as well as an escalation claim submitted in 2021 and 2022. Citing the contract agreement, the bridge corporation reminded the Authority that 90% of payments must be released within 10 days of submission. Delays in payment, they argued, violate contract terms and adversely affect cash flow and work schedules. The dispute coincides with the Authority's concerns over construction quality. During a site review on July 25, a team led by Authority CEO Lokesh M discovered that a non-approved grade of steel was allegedly being used in the piling work. Lokesh M expressed dissatisfaction with the project and issued a notice to the corporation to replace the steel with the approved grade. The construction company defended its choice, arguing that the steel brand in use was approved by the National Highways Authority of India (NHAI) and even complied with BIS, IRC, and central govt specifications. They also sought formal permission to continue with the steel brand. The Chilla elevated road project has faced numerous setbacks since its conception. After remaining dormant for six years, it received clearance from Delhi govt in 2018. UP chief minister Yogi Adityanath laid the foundation stone in Jan 2019, but funding hurdles soon emerged as the public works department (PWD) delayed its contribution. Additional complications arose from a GAIL gas pipeline, which required to be realigned, and the Covid pandemic in 2020. Between 2021 and 2024, construction stalled completely, with only 13% of the road completed on paper. The project cost underwent multiple revisions, with the construction agency proposing an increase from Rs 605 crore to Rs 1,076 crore in 2022 due to rising material costs and design changes. The Authority rejected this, leading to a revised figure of Rs 912 crore from the bridge corporation. In June 2023, UP govt approved Rs 787 crore for the project, to be jointly funded by the state and the Authority. However, in Oct, the corporation sought a revision to Rs 940 crore, citing outdated 2018 prices. After receiving in-principle approval, tenders were floated, but no suitable bidder was found. Eventually, MG Contractors secured the project with a bid that was 7% below the estimate in the second round of the process. Work resumed in March this year after the bridge company agreed to waive maintenance charges and the Authority assumed long-term upkeep responsibilities. The project budget was finalised at Rs 893 crore, with the elevated road chasing a deadline of three years. Once ready, the corridor is anticipated to significantly decongest traffic near Film City and sectors 14A/15A, while also improving connectivity to Greater Noida, Kalindi Kunj, and Faridabad. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
