Financial Daily from THE HINDU group of publications
Thursday, Feb 24, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 24, 2005 |
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Corporate
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Diversification Liberty to diversify into ceramics biz Nirmal D. Menon
Mumbai , Feb. 23 FOOTWEAR major Liberty Group has planned to diversify into ceramics business as part of new business initiatives. The group has lined up an investment of Rs 30-40 crore for this initiative and has set up a ceramics plant at Neemrana in Alwar, Rajasthan. The company has partnered with one of the biggest plant and technology player based in Italy to execute this project. "We have always diversified into allied business, but this diversification will be the first of its kind, and by far the largest investment," Mr Anupam Bansal, Director, Liberty Shoes Ltd, told Business Line. The commercial production of the ceramics plant will take off by September this year, and the group will test waters by producing economical washbasins and other ceramic products. "The group has identified this business as most of the imports here are high-priced. We plan to position ourselves between the high-end and the low-end of the existing market offerings," said Mr Bansal. Liberty Retail, a subsidiary of Liberty Group plans to set up shop-in-shop stores within all the 15 proposed Pyramid Megastores - the inhouse retail store label of Piramal Holdings Ltd. "We are currently in talks with the Piramal chain, and the deal will take off the moment the stores take off," Mr Bansal said. The group has over 400 exclusive showrooms and 200-strong distributor network. The group also has retail presence across 10,000 multibrand stores.
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