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Mattress maker Springfit to spend Rs 5bn on expansion
05
Dec '12
Delhi-based mattress producer Springfit plans to spend Rs. 5 billion over the next two years to expand its production facilities and marketing activities.
 
The company intends to set up four manufacturing units in metro cities to meet the demand of those specific regions, Economic Times said quoting PTI.
 
The four new facilities would enable them to deliver products to consumer’s doorsteps in a reasonably less time, Springfit Sales and Managing Director SK Malhotra informed PTI.
 
Mr. Malhotra also said the company intends to add around 35 exclusive showrooms to its existing strength of 12 showrooms, over the next two years.
 
On funding of the investments, Mr. Malhotra said that it would mainly be managed through borrowings from banks.
 
Springfit currently has a turnover of Rs. 500 million and the company intends to increase its annual sales to Rs. 2 billion by 2014.
 
Presently, the company undertakes production of spring mattresses in it two Haridwar-based factories. Besides, it has also set up a new foam-based mattress manufacturing facility at Meerut, which would commence commercial operations from coming January.
 
As per the industry estimates, only around 8-10 percent of India’s Rs. 70 billion mattress market is in organized segment.
 

Fibre2fashion News Desk - India

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