Published On:September 6 2007
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Carrera, Italian fashion institute to set up `Idea Factory'
Hyderabad: The Indian textile and garments sectors would soon be flooded with ideas of new designs that could help companies compete with global giants. Poli Design, a reputed Italian institute that offers courses in emerging fashion trends, is to set up an `Idea Factory' in Mumbai in November.
Carrera Holdings Inc, the Italy-based company with interests in various aspects of textile industry, has joined hands with the institute to set up the factory.
According to Mr Vivek Jacob, Chairman and Chief Executive Officer of Carrera, the factory would churn out designers and other professionals, who could help the manufacturing sector meet the global demands.
Mr Vivek was here to take part in the seminar on `Indian textiles and the critical issues'.
Addressing a press conference, he said his company would invest Rs 1,200 crore in various projects in India. Of this, Rs 600 crore would go into a manufacturing unit in the Chincholi Textile Park in Sholapur (Maharasthra). The company planned to pump in the investments in the next 40 months.
'We will invest in clusters too,' he said.
Besides, the company plans to set up a garment-processing unit in the upcoming Hyderabad Hitech Textile Park.
Stating that the global opportunity in the textile sector would grow to $600 billion by 2010 from the present $357 billion, Mr Vivek Jacob said Indian players need to upgrade their facilities in order to catch up with the opportunity. The domestic opportunity is growing. 'At present, the national per capita fabric usage was just 2.8 metre as against the global average of 6.7 m,' he said.
He said his company proposes to set up a service centre in Mumbai to assist entrepreneurs and the members of the proposed consortium of textile parks.