In 2015, Himatsingka had announced its ambitious expansion plans. The Rs. 1,281-crore plan entailing investments in expanding the group’s sheeting capacity, backward integration into spinning and foray into terry towels is being implemented in phases.
The company has received the Karnataka Government approval of allotment of land for the above projects. Commencement of construction of the spinning project is expected in September next, and the proposed spinning plant will have an installed capacity of 211,584 spindles.
The sheeting project is currently under construction and is likely to be commissioned by the end of July. The sheeting expansion will enhance the group’s sheeting capacity from 23 mmpa to 46 mmpa.
In 2015-16, Himatsingka achieved a turnover of Rs. 1,886.84 crores. Revenues from the Drapery/Upholstery and Bedding Divisions for the year grew by 7.6 per cent to Rs. 1,020.66 crores vs. Rs. 948.41 crores in the corresponding previous year.
Mr. Shrikant Himatsingka, Managing Director and CEO, said: “Our focus on driving margins and profits is visible in the operating performance for FY16. In FY17 we will be focused on continuing to drive margins and will resume growth with the commissioning of new sheeting capacities during the year”.
The Rs. 3,000-crore Himatsingka Group is a vertically integrated home textile major with a global footprint. The group focuses on the manufacture, retail and distribution of home textile products.
On the manufacturing front, the group operates amongst the largest capacities in the world for upholstery fabrics, drapery fabrics and bed linen products. Spread across Asia, Europe and North America, its retail and wholesale distribution divisions carry some of the most prestigious brands in the home textile space and cater to private label programs of major retailers across these geographies. With over 4,000 people, the group continues to expand its reach and build capacities in the home textile space.