Having consolidated its label printing consummables business and forayed into sugar screens manufacturing, Ahmedabad based textile machinery manufacturer, Stovec Industries is now planning to expand its high end textile machinery capacity.
The company has a 30 per cent market share in high end textile machinery which it intends to take up to 40 per cent in next one year. For this, the company is investing close to Rs 2 crore for capacity expansion.
"The high-end textile machinery market in India is over 100 machines per annum while our market share is 30 per cent at 30-35 machines. We are expanding our capacity in order to enhance our market share within the country," said Ashish Kaul, managing director, Stovec Industries.
The company recently forayed into electro-form products which include manufacturing textile screens for sugar industries. However, according to Kaul, the company is now intending to focus on expanding its high-end textile machinery business which contributes 65 per cent of its total Rs 60 crore turnover.
"We are trying to get value-added products in the sector. Apart from high-end textile machinery, we are also bringing latest Austrian technology in textile screens and laser ingraving technology," Kaul said, adding that the sugar screens market in India is estimated to be around 20,000. Last year, Stovec's parent company, Netherlands-based Stork Prints shifted its textile printing machines business to the Ahmedabad unit completely. The parent company had also sometime back scaled up its stake in Stovec from 51 per cent to 71 per cent.
