Second-hand machinery dealers score lucrative deals even as businesses shut shop

Ludhiana: While for most Covid-19 has come to symbolise losses, opportunities are knocking at second hand machinery dealers doors. With the cutting down of production costs and with some units winding up, they are getting very good deals — even though the market has considerably slowed down, the dealers are buying up, because they are getting the machinery at really cheap rates. They are hopeful that in three to four months, there will be enough demand in the market for these machines.
According to Devesh Kumar, a second hand machinery trader from Shivpuri, “This is perhaps for the first time that such large number of factory owners are contacting us for sale of their machines of different types. Majority of these are from the garment sector and the reason behind this is that a lot of units are cutting down their size to half and even less, while there are some which have permanently shut down their business and are now doing trading only. So, they do not require machinery any more. The highest number of machines available for sales nowadays include stitching machines, overlock folding, interlock, sewing machine, iron steam presses with boiler, cutter and cutting table. Although at this moment there are no buyers for these machines, as all units are facing huge shortage of labour and funds, but we are hopeful that in coming months there will be huge demand for these machines. We are stocking up right now as the rates have come down considerably and it seems to be right investment for making good money in future.”
According to Surinder Pal, another second hand machinery dealer from Gill Road, “As far as market situation is concerned there are many sellers out there who are willing to sell their machinery, but unfortunately there are no buyers. But as far as traders and investors are concerned, this is the right time and we have already stocked machinery in our stores.”
Sukhwinder Singh, garment manufacturer from Shivpuri said, “Second hand machinery business is the only business in the garment sector, which is booming right now. A lot of people who have good financial backing have even switched trades and have started to deal with second hand machinery, as they know that during coming months there will be a huge demand. Moreover, right now they are getting best deals as some units are selling entire machinery at throwaway prices.”