Textile major SEL Manufacturing has plans to foray into the home furnishing segment by setting up a new facility in Punjab which would entail an investment of more than Rs. 1,500 crores. The company has forwarded its proposal to the State Government seeking 500 acres of land for setting up the greenfield mega project.
“We have plans to foray into the home furnishing segment, and for this we have sought 500 acres of land for setting up a new facility for this purpose from the Punjab Government. The total investment on this project may exceed a sum of Rs. 1,500 crores. It will be a completely 100 per cent export-oriented unit, and we will be catering to big overseas retailers”, Mr. Neeraj Saluja, the company Director, told PTI.
SEL already is in the process of investing Rs. 1,500 crores for setting up a new spinning facility to manufacture denim fabric and denim garments in Mansa district of Punjab.
“This project shall have capacities of 188,160 spindles in ring spinning, 40 million metres in denim fabric and 8 million pieces of denim garments per annum. Civil work for the project has already started. With this venture, the group will enter the world of denims,” the Director added.
SEL, an integrated textile major producing yarns, knitted fabrics, terry towel and ready-made garments, has logged a 35.01 per cent jump in its turnover at Rs. 2,330.83 crores in 2011-12 as compared to Rs. 1,726.42 crores the previous year.