Indian Oil Corporation Limited (IOC), a name synonymous with energy and innovation in India, has made a significant foray into the textile manufacturing sector. In a landmark decision during its board meeting on December 20, 2024, the company announced an investment approval for a state-of-the-art yarn manufacturing project in Bhadrak, Odisha. This marks a pivotal step in Indian Oil’s diversification strategy, aligning with the growing synergy between petrochemicals and the textile industry.
The project, with an estimated investment of ₹4,382.21 crore, is being undertaken as a 50:50 joint venture with MCPI Pvt. Ltd. Indian Oil’s equity contribution to this ambitious venture will be ₹657.33 crore. This collaboration underscores the company’s commitment to leveraging its expertise in petrochemicals for the production of high-quality textile intermediates.
Vietnam Textile Industry
Despite global challenges, Vietnam’s textile industry is poised for robust growth. This year, the country’s textile and garment exports are projected to reach USD 44 billion, reflecting an impressive increase of over 11% compared to the previous year. With more than 42% of local firms anticipating improved business performance in the fourth quarter, the Vietnam International Trade Fair for Apparel, Textiles and Textile Technologies (VIATT) stands out as a crucial event for the industry to continue its momentum. Scheduled for 26 – 28 February 2025 at the Saigon Exhibition and Convention Center (SECC), the fair will leverage Vietnam’s position as a leading textile and apparel manufacturing hub and provide opportunities to textile players from across ASEAN, Europe and beyond.
Bangladesh skips India, reroutes global textile exports through Maldives
“Previously, Bangladeshi goods were shipped through Indian airports, but now they are rerouting shipments from other locations,” Deepak Tiwari, managing director of MSC Agency (India) Pvt Ltd, told Mint over the phone.
Turkish textile industry challenges: Interest rates & export decline
Sixty textile firms closed in Indonesia between 2022 and 2024 and around 250,000 workers in the sector lost their jobs, according to the Association of Indonesian Filamentary Filament & Benang Producers (APSyFI).
“The textile sector’s global trade volume fell to $306 billion in 2023. The ready-to-wear sector was down to $447 billion. There is a contraction of up to 20 percent in the United States and Europe, our biggest markets,” Öksüz said, speaking at a gathering of the industry in Istanbul.
The share of the Turkish textile sector in world markets is 3.4 percent, he said, adding that the textile sector’s exports amounted to $12 billion last year.
“Together with ready-to-wear clothing, exports reached $28 billion. As the textile sector, we will close the year with a 2 percent loss,” Öksüz said.
In an interview with Anadolu Agency on Sunday, Oksuz praised Syria as a promising destination for investment, particularly in the textile industry. Recalling the substantial Syrian population that has settled in Türkiye in recent years, Oksuz noted, “Many of them have been employed across various sectors. Now, with their return to their homeland, establishing production facilities there would be highly beneficial for us.”