12,101.80-5.1
Stock Analysis, IPO, Mutual Funds, Bonds & More

Coastal Shipping Takes a Hit as TN Textile Cos Shun Guj Cotton

Tamil Nadu's 2.25 crore cotton spindle capacity is a sizeable target for Indian shippers aggressively cutting prices to compete with truckers, who have benefitted from the sliding price of crude oil.

, ET Bureau|
Updated: Feb 03, 2016, 11.27 AM IST
0Comments
CHENNAI: Tamil Nadu textile entrepreneurs' move to shun Gujarat cotton and go for unadulterated alternatives from Maharashtra and Andhra is having a ripple impact on coastal shipping between Gujarat and Tamil Nadu.

Tamil Nadu's 2.25 crore cotton spindle capacity is a sizeable target for Indian shippers aggressively cutting prices to compete with truckers, who have benefitted from the sliding price of crude oil. The push for coastal shipping also comes from the Directorate General of Shipping, Mumbai, which is consulting with the Shipping and Finance Ministries to incentivise it.

But a spanner in the works for the coastal shipping plans has been the persisting problem of adulteration. But a spanner in the works for the coastal shipping plans has been the persisting problem of adulteration. Veteran textile entrepreneur Manikam Ramaswami is weaning his 1,400-crore group off Gujarat cotton, moving to unadulterated alternatives from Maharashtra and Andhra Pradesh and inadvertently denting a coastal shipping scene between Gujarat and Tamil Nadu.In October last year, cotton mills representatives, vessel charterers and representatives from the Shipping Ministry and DG Shipping had met to look at ways to promote coastal shipping.

Also Read

Release cotton seed stock in market says industry to Cotton Corporation of India

India exports 1 million bales of cotton in first quarter of cotton year 2019-20

Pickup in export demand lifts cotton prices by 5%

Cotton Association of India maintains cotton output at 312 lakh bales in August

CCI will not sell cotton at loss, says chairman P Alli Rani

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service