Washington, March 31 (IANS) Texas Governor Greg Abbott has appointed Arun Agarwal, CEO of Nextt, the Dallas-based leader in the US home textile industry, to the Product Development and Small Business Incubator (PDSBI) Board.
The first Indian American to be appointed to the key post in the state’s history, Agarwal will hold the office until Feb 1, 2019.
The PDSBI is a revolving loan programme, administered by the Office of the Governor, and overseen by a nine-member board appointed by the Governor.
The PDSBI Fund provides financial aid for the development, production and commercialization of new or improved products and to foster the growth of small businesses in Texas.
“It is such a huge honour for me to serve on one of the Governor’s boards,” said Agarwal.
“As global business owners, it is our responsibility and civic duty to help other local small businesses survive and thrive in this global economy, and I am excited to do my part.”
Nextt is a $500 million revenue, privately-held company that provides textiles to all of the major US retailers including Dillard’s, Belk, Wal-Mart and Kohl’s.
Nextt also has a robust portfolio of leading celebrity brands, such as Beautyrest, Ellen Tracy, Jessica McClintock and Royal Sateen.
The company was recently awarded the patent for “alpha cotton,” a luxurious fabric that will make sheets 30 to 40 percent cheaper than 100 percent cotton.
Nextt CEO Arun Agarwal was awarded “NRI of the Year” by TIMES NOW and ICICI Bank in 2015 and was selected as a 2014 Minority Business Leader by the Dallas Business Journal.
Agarwal’s Dallas headquartered company was ranked 17th in the 2014 Dallas 100 list of fastest growing companies selected by the Caruth Institute for Entrepreneurship of SMU.