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Bombay Dyeing, the leading home textiles manufacturing company, has decided to wind up operations of its loss making joint venture PT. Five Star Textile Indonesia( PTFS) in due course. The company was incorporated at Jakarta in Indonesia in 1979.
The company which has been incurring losses for many years was engaged in manufacturing and selling of yarns, clothes, and other textile products. It reported a turnover of US $ 1.84 million and net loss of US $ 1.54 million in December 2017.
According to a company statement,“ With the acquisition of additional 3,409 shares in existing joint
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venture in Indonesia, the shareholding of the company will rise to 86 per cent from 33.89 per cent at present, thereby making it a subsidiary of the company. This |
is a strategic move to wind up the loss making joint venture in due course”.
Bombay Dyeing kicked off as a small operation of Indian spun
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cotton yarn dip dyed by hand in 1879. The company set up by Nowrosjee Wadia has now become one of the most respected and trusted brands in the country.
It is pertinent to mention here that in view of rising demand for readymade clothing in the Indian men’ s apparel market, Bombay Dyeing has decided to lead the home textiles manufacturing company, to make a comeback to the segment.
Previously, Wadia Group’ s textile company had its own apparel brand named‘ Vivaldi’ which they had sold to Proline India, in a bid to focus more on the home furnishings’ business.
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Robots pose a serious threat of eating up almost 85 per cent jobs in the garment, textile and footwear sectors in Vietnam and Cambodia, underlined a report of supply-chain analyst firm Verisk Maplecroft, which predicted that the rise of robot in manufacturing will not only result in job loss but also in an increase in slavery and labour abuses in supply chains.
As per its report, Vietnam will be the worst sufferer, where almost 36 million people are estimated to be replaced with robots.
“ There has been a lot of discussion about the impact of robot automation on jobs but less on the resulting human rights abuses that are likely to follow,” reportedly underlined Dr Alex Channer, Analyst at Verisk
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a lot of discussion on the aftereffects of automation and robotics in the labour-intensive industries like readymade garment( RMG) and textiles, especially in Asia in which many countries like Bangladesh, China, India, Vietnam, etc, are providing largescale employment in the RMG industry.
As per many experts, loss of jobs in such countries could lead to severe and adverse socioeconomic repercussions for the concerned countries.
The first‘ sewbot’ factory in the US is all set to start production this year, in which robots would be sewing garments sans any human operator. And as per experts, each sewbot machine could potentially do the work of 10 people.
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Maplecroft, adding,“ We know that in a couple of decades, robot manufacturing will replace many low-skill jobs. Displaced workers without the skills or capacity to adapt will have to compete for a rapidly diminishing supply |
of low-paid work in potentially exploitative conditions. This will lead to increased risks of slavery and trafficking across a region already vulnerable to these kinds of abuses.” It may be mentioned here that of late, there has been |