Marking its foray into home textiles, fabric maker, Donear has announced an investment of Rs 400 crore in a carpets and rugs production unit in Jammu, reveals Rajendra Agarwal,Managing Director.
The plant is expected to be operational within the next 24 months. Approximately 90 per cent of the products manufactured in this facility will be exported, according to Agarwal.
Donear debuted in the domestic market three years ago with the 'Neo Stretch' brand of fabric. Now, it plans to establish exclusive retail outlets dedicated to Neo Stretch products. Currently, Neo Stretch contributes to 10 per cent of Donear's domestic business. Additionally, Donear intends to inaugurate 50 to 100 multi-brand outlets showcasing its four national brands and eight sub-brands. The ambitious plan is to expand to 400 stores within three years.
With both the domestic and export textile markets expected to revive by July this year, Donear recently elevated its total spinleage to over 1 lakh. The company acquired two new spinning units. These units will help the company boost its revenues by Rs 400 crore, says Agarwal.
