Suumaya Lifestyle Limited (NSE Emerge: SUULD ISIN: INE591Q01016), an exquisite women’s fashion brand listed on NSE Emerge today announced it has bagged several orders aggregating Rs 525 crores (approximately) from various government institutions and private companies across India for the supply of COVID-19 essentials, reusable cotton masks and PPE kits. This order comes at a time when cities such as Mumbai, Delhi and Ahmedabad are reeling under a high number of COVID19 positive cases.
Suumaya plans to supply nearly 50 lakh reusable cotton masks and 35 lakh PPE kits over the next 5 months. The entire production to execute these orders would be processed at Suumaya’s exclusive contracted manufacturing facilities at Surat, Ahmedabad and Mumbai. The company has taken necessary measures to raise the funds to adequately meet the working capital requirements for smooth execution of these projects.
Commenting on receiving the order, Ushik Gala, Chairman of Suumaya Lifestyle Limited said, “Our country is facing an unprecedented challenge battling the increasing number of COVID 19 positive cases, especially in metros such as Mumbai, Delhi and Ahmedabad. I would like to thank the government and private institutions for giving us an opportunity to serve our Nation. Work has already begun on a war footing basis at our factories situated in Surat and Ahmedabad to supply the COVID19 essentials in the shortest possible time.”
Gala added, “Of the total orders which we have received, Rs 65 crores is from various State Governments while Rs 15 crores is from various Central Government Agencies. In addition to this we have also received orders worth Rs 400 crores from Zilingo, a unicorn start-up backed by various global VC funds and Rs 45 crores from various MNCs and corporate.”
The Company has set up an expert committee for chalking down or evolution of Suumaya 2.0 Strategy which would be evaluating ways to tide down the current crisis and at the same time explore any organic or inorganic growth opportunities post Covid-19. The order marks the foray of Suumaya into the new growth vertical of Medical Textiles, which is likely to witness substantial growth in both the domestic & international markets, post the prevailing pandemic.