The textile industry company on Monday (21 November 2022) announced a joint venture with PurFi Global to reduce the amount of textile waste going to landfills.
PurFi Global is a sustainable technology company that specializes in rejuvenating industrial textile waste into virgin quality products utilizing 96% less water and 90% less energy than virgin fiber production.
The company said that significant transformations across the fashion industry have led to a dramatic rise in fast fashion. The textile industry generates more than 64 billion pounds of post-industrial textile waste and 284 billion pounds of post-consumer waste annually. Yet only 12% of textiles globally are recycled, and about 1% are upcycled.
PurFi and Arvind will locate the first in a series of planned fiber rejuvenation facilities near one of Arvind's manufacturing facilities in India. This facility will process textile wastes such as white cotton, colored cotton, denim and synthetics into virgin like fibers for reuse from two lines, where each line will have a 5,500- ton capacity per year with plans to expand over the next five years.
The investment for these two lines is envisaged at Rs 200-250 crore. Expansion plans include an additional production line that removes elastomers from fabrics utilizing another of PurFi's proprietary technologies.
Also Read
The joint venture is slated to start construction in the fourth quarter of 2022 with full production expected to commence in the fourth quarter of 2023, the company stated.
Ashish Kumar, president & chief executive officer of Arvind said, Partnering with PurFi will enable Arvind to expand on our decades-long commitment to extending sustainable practices into every aspect of our business. For more than 25 years, PurFi has been developing and investing in state-of-the-art technology to rejuvenate industrial textile waste. Unlike the traditional 'one-and-done' recycling approach, PurFi's technology can rejuvenate waste materials into virgin-like fibers 17 times, and it can be done at scale. Working together, we believe we can lead the textile and fashion industries into a new era of sustainable practices, transforming textile manufacturing into a truly closed loop cycle.
Joy Nunn, founder and chief executive officer of PurFi Global, said, Arvind immediately understood the value and promise of our technology and will increase efficiencies in their production with rejuvenated fabric. In addition, our unique tracers that are specific to PurFi rejuvenated fibers provide customers with a clear line of sight to the origin of the fibers they source. This authentic product identifier is of great value to manufacturers like Arvind, who are committed to providing transparency into their sustainability practices and understand that rejuvenated materials have moved from 'nice to have' to 'must have' in their product offerings. We look forward to partnering with Arvind as we continue to innovate to create a more sustainable planet and contribute to the circular economy.
Arvind is one of the largest integrated textile and branded apparel players in India. The company's consolidated net profit soared 79.7% to Rs 125.02 crore on 2.9% rise in net sales to Rs 2,169.81 crore in Q2 FY23 over Q2 FY22.
Shares of Arvind were down 0.11% to Rs 91.30 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
