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Eastern Silk to foray into home furnishing export

14 Apr '06
1 min read
Eastern Silk Industries Ltd, (ESI) a leading silk fabric exporter, has planned to enter home furnishing market in the US and Europe.

The company is setting up a modern plant for made-ups for this purpose near Bangalore investing Rs16.5 crore.

Presently ESI outsources made-ups from outside.

The Chairman of Eastern Silk, S S Shah, informed that made-ups formed about 15 to 18 percent of the turnover.

The target for made-ups is pegged at more than 35 percent of company's turnover by 2008.

The plant would have a capacity of 1,500 set per day.

The company also plans to expand production capacity of fabrics which is 14 lakh metre presently.

It plans to add another 4.5 lakh metre investing Rs52 crore in Anekal unit near Bangalore.

The President of ESI, G Venkatesh, informed that the funding of the expansion would be mainly through private equity funding.

Eastern Silk Industries recorded a turnover of Rs387.24 crore in the year ended March 31, 2006 with a net profit of Rs38 crore.

The company plans to cross Rs450 crore mark in 2006-07.

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