Lakshmi Machine Works opens plant in China.

India's largest textile machine manufacturer Lakshmi Machine Works (LMW) has opened a new plant in the industrial hub here, gaining a foothold in the world's biggest textile market of China.

The new plant, which was built with an outlay of $29 million, will be a major boost to LMW's plans to consolidate in both Indian and Chinese markets, its officials said.

'India is our home market and China is a strategic country for textiles. It will give us tremendous footholds in one of the largest markets in the world,' Sanjay Jayavarthnavelu, Chairman and Managing Director of LMW said.

Built in the span of one year, the $29 million-plant by the Coimbatore-based textile major was inaugurated recently in the presence of a wide range of Chinese textile industry participation besides top local officials of the ruling Chinese Communist Party and Indian Consul General in Shanghai, Navin Srivatsava.

ET