Operations at the weaving machinery division of Lakshmi Automatic Loom Works in Hosur, Tamil Nadu, have been suspended in view of lack of orders for the “high speed’ ‘C’ type automatic shuttle weaving machines.”
The market for the machines has been hit, except for sporadic enquires for weaving specialised fabrics, due to the continuous import of both used and new shuttleless weaving machines, the company said in a filing to the BSE on Thursday.
The operations, suspended with immediate effect, were expected to remain so pending “finalisation of discussions with prospective foreign collaborators for manufacture of shuttleless weaving machines,” the company said.
The company, is part of the Lakshmi Mills group, and manufactures weaving and circular knitting machinery.
The company said operations continue at its Unit-2 in Kinathukadavu, near Pollachi.
