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Arvind Mills to up domestic sales to beat rupee rise

Arvind Mills to up domestic sales to beat rupee rise
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First Published: Fri, Sep 21 2007. 11 01 AM IST
Updated: Fri, Sep 21 2007. 11 01 AM IST
Reuters
Mumbai: Textile firm Arvind Mills Ltd plans to increase domestic sales to about two-thirds of the total in 2007-08 to offset the effects of a hardening rupee against the dollar, a top official said on Friday, 21 September.
The company, which has restructured operations into four units to increase focus and help raise funds, has also put on hold plans to begin manufacturing in other low-cost countries, managing director Sanjay Lalbhai said in an interview.
“The world is changing rapidly. The free tarriff regime has not crystallised. We would like to keep that on hold,” he said.
“Our focus will be more and more domestic because that’s one story that looks like remaining intact.”
India has rendered itself incompetitive in textile exports hit by high utility costs and a currency that has appreciated nearly 11% against the dollar in 2007, he said.
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First Published: Fri, Sep 21 2007. 11 01 AM IST