Ashapura Intimates Fashion Ltd (AIFL) plans to spend Rs 31 crore for setting up retail outlets across Mumbai and a manufacturing plant in Gujarat over next one year,says a PTI report.
The amount will be invested in unveiling ten stand-alone stores across Mumbai and setting up one more manufacturing plant in Gujarat. AIFL has already has got one manufacturing plant in Thane.
"We are planning to go for a capex of Rs 31 crore for the unveiling of 10 stores in Mumbai and setting up of a manufacturing plant in Gujarat by the end of FY 2015," AIFL Chairman and Managing Director Harshad Thakkar told PTI.
Currently, we are supplying our stuff being manufactured at our plant in Thane to multi-brand outlets across the country. However, we are planning to foray into the retail as we are planning to open 10 stand-alone retail showrooms in Mumbai by the end of the end of the FY 2015," he said.
On an average, Ashapura will be investing Rs 50 lakh per store and the money for which will come from our internal accrual, he said. The firm is already having its retail outlets in Bangalore and Kerala.
The first retail outlet of the company, which is listed on the BSE with its current market cap at over Rs 290 crore, is likely to come up at Hill Road in Mumbai on December 8.
Talking about his company's plan to set up one more manufacturing unit in Gujarat, Thakkar said, "We are under the process of acquisition of 2.25 lakh sq ft land in Gujarat for the setting up of another manufacturing plant. Once it becomes operational, it will double our production capacity."
Ashapura is looking at recruitment of 2,000 persons for its forthcoming plant in Gujarat, he added