Manikam Ramaswami, Chairman & Managing Director of Loyal Textile Mills, passed away at 63. The textile company is one of the largest manufacturers of yarn, fabrics, garments, home textiles and organic products in India.
According to media reports, the anaesthesia given during a treatment related to some dental issue was the cause of his death.
Manikam began his full-time association with Loyal Textile Mills, his family business, in the year 1976. He was also known for his vital role in boosting yarn exports while serving TEXPROCIL, the association for cotton textiles exports promotion.
The veteran also played a key role in the introduction of Technology Upgradation Fund Scheme, Modular Drawback System and the CENVAT route for the Indian textile industry.
Textile trade association Southern India Mills’ Association (SIMA) condoled the sudden demise of Manikam. “This is a big loss to the textile industry. We have lost a captain. Ramaswami’s death has created a vacuum in the industry,” SIMA Chairman P. Nataraj was quoted as saying by a leading English daily.
Manikam once served as the Chairman at SIMA and also headed the Tamil Nadu State Council of Confederation of Indian Industry (CII).
