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 Corporate - New Projects


Himatsingka sets up arm in New York

Our Bureau

Bangalore , June 24

HIMATSINGKA Seide Ltd has set up a wholly owned subsidiary in New York - `Himatsingka America Inc'. Himatsingka has invested $1.5 million towards initial equity capital of the subsidiary, the company said in a notice to the Bombay Stock Exchange.

The New York subsidiary will help the company to strengthen its distribution network and to set up a design studio, the company said. US is one of the major markets for the Bangalore-based silk fabric and yarn exporter.

Himatsingka had forayed into the retail domestic market last financial year by opening exclusive showrooms under the brand name "Atmoshphere" in cities including Bangalore, Mumbai, Chennai, Delhi and Hyderabad. The company expects to open additional showrooms in Mumbai, Gurgaon, Kolkota, Ahmedabad and Pune this year.

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