Lakshmi Machine Works to focus on new export markets

In a bid to mitigate risk from growing competition in the domestic market, Lakshmi Machine Works will focus on new export markets, such as Pakistan, Turkey, Indonesia and Vietnam. The competition has been intensifying in the sector with large global players entering the Indian markets and setting up facilities. Sourcing and manufacturing by its competitors, instead of importing machinery, will add to the pressure and the company will focus on export markets such as Pakistan and Bangladesh, among others. Currently, exports contribute 15% of the company’s annual revenue of Rs 2,241.62 crore and plans are on to increase the share to over 25% in the coming years. Lakshmi Machine Works, founded in the year 1962 is a global player and among the top three manufacturers of the entire range of Textile Spinning Machinery ranging from Blow Room to Ring Spinning.