Lakshmi Machine Works (LMW), the textile machinery manufacturer has set out a Rs. 200-crore development and modernization programme to increase its spinning machinery production. Giving reason for the programme, Mr. R. Rajendran, Chief Financial Officer, says that the spinning machines have been more in demand since July 2004. Thus, Indian textile industry is creating more spinning capacity to cash on the opportunities, especially after the elimination of quotas. Scheduled termination of the Technology
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| Upgradation Fund Scheme in March 2007 is considered another reason for this programme. Mr Rajendran said the company also mulls over production of value-added products which has helped increase the demand for yarn in the local markets also. The company looks forward to increase its annual production from about 1.8 mln spindles to about 2.7 mln spindles by this programme. To strengthen its programme, the company has also acquired Jeetstex Engineering Limited, a sick textile engineering company. Company plans to finish this programme by the middle of 2006-07, says Rajendran. 
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