Chennai, Sep 22 (IANS): Textiles major Digjam Ltd on Tuesday said it has entered into a joint venture with Scotland's Holland & Sherry.

In a statement issued here, Digjam said in an endeavour to expand its textile business and cater to the evolving market trends, the company has formed a joint venture with Holland & Sherry cloth merchants.

"We strongly believe that this venture will help us cater to the evolving market trends and customer needs, in addition to giving a new fillip to our existing clothing and fashion business, both domestically and internationally," managing director and CEO C.Bhaskar was quoted as saying in the statement.

According to him, with industry research reports predicting a strong growth buoyed by both strong domestic consumption, as well as export demand, the Indian textile industry is expected to reach $ 220 million by 2020.

Digjam targets to increase its turnover this fiscal to Rs.300 crore from around Rs.160 crore posted last fiscal, the statement said.