Himachal Fibres expands into sustainable product manufacturing via merger with Shiva Texfab
In a landmark decision that underscores their commitment to sustainable manufacturing, Himachal Fibres Limited, a BSE-listed company, has announced its principal agreement to merge with Shiva Texfab Ltd (STL), pending finalization of various modalities and approval from relevant authorities. This significant move not only represents a strategic pivot for Himachal Fibres Limited towards eco-innovation but also marks a milestone in their journey towards the production of innovative and sustainable products derived from the recycling of waste plastic material.
Shiva Texfab Ltd, established in 1997, has been at the vanguard of eco-innovation, operating one of India’s largest integrated manufacturing facilities for products made from recycled PET bottles. Located on a sprawling 100-acre site in Ludhiana, Punjab, STL has been instrumental in managing the recycling of a substantial quantity of plastic bottles on a daily basis. This process results in a wide array of durable, high-quality products that span from staple fibre, spun yarn, filament yarn, to specialized fabrics and non-woven products, contributing significantly to the sustainability of the fashion industry.
STL’s approach to transforming waste plastic bottles into sustainable fashion highlights its capacity to handle 150 metric tons of waste daily. Through a series of processes, these bottles are turned into various skin-friendly products. The company’s current manufacturing capabilities include a staple fibre production capacity of 125 metric tons daily, spun yarn production using 60,000 spindles, filament yarn production at 24 metric tons daily, a specialized fabric named Anaura, and a range of non-woven products including carpets and fabrics for leather backing and shoe lining.
Akhil Malhotra, Chairman of Himachal Fibres Limited, expressed enthusiasm about the merger, stating, “Merger of these two companies is a significant milestone for Himachal Fibres in paving its way to enter into manufacturing of innovative & sustainable products from recycling of waste plastic material. STL has established infrastructure, capabilities, manufacturing capacities, immense experience, ongoing business and huge potential for enormous growth ahead without much of capex. Therefore, we are confident that this step will bring immense value to the shareholders of Himachal Fibres shareholders.”
The merger between Himachal Fibres Limited and Shiva Texfab Ltd is a visionary move that aligns with global trends towards sustainability and eco-friendly manufacturing practices. By leveraging STL’s established infrastructure and expertise in recycling waste plastic into sustainable fashion, Himachal Fibres is set to make a significant impact on the industry and environment alike. This partnership not only enhances the capabilities of both companies but also sets a benchmark for the textile industry in embracing circular economy principles, paving the way for a greener future.