Financial Daily from THE HINDU group of publications
Saturday, Apr 10, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 10, 2004 |
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Corporate
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Outlook Liberty Shoes plans to set up factory Our Bureau
Mr Adarsh Gupta, Executive Director, Liberty Shoes Ltd, at a press conference in Chennai on Friday. - Bijoy Ghosh
Chennai , April 9 LIBERTY Shoes plans to expand its domestic manufacturing capacity by starting a shoe factory in either Karnataka or Andhra Pradesh and buying a tannery in Tamil Nadu, according to its Executive Director, Mr Adarsh Gupta. Mr Gupta, who was here in connection with the opening of the group's retail showroom `Revolutions', said the factory would be set up "once value added tax gets implemented," while acquisition of a tannery in TN was a long-term plan. The proposed factory would serve the company's domestic market for non-leather shoes, he said. The tannery may not be the only acquisition for Liberty. Its merchant banker is negotiating with Hindustan Lever to acquire its shoe manufacturing business. Liberty's interest centred on Lever's export business worth Rs 80-100 crore, and not its manufacturing facilities, said Mr Gupta. He said Liberty Shoes' sales for the year ended March 2004 was Rs 200 crore (at factory prices). A new plant with a capacity to make 5,000 pairs of leather shoes in a day would be ready in Uttaranchal by mid-June, he said. The plant's cost would be Rs 5 crore. A company release said Liberty is the only Indian company that featured in the list of the world's top five manufacturers of leather footwear.
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