The Hindu Business Line : Nilkamal to invest Rs 140 cr in home furnishing biz

MUMBAI: Nilkamal Ltd, India's largest manufacturer of moulded furniture, plans to open around 40-50 stores in the next three years and has earmarked an investment of Rs 140 crore for the purpose, a top company official said.

At present, the company has 15 stores and plans to scale-up to around 65 by 2012-13, the official said. “We are planning to invest more in our home furnishing business as the segment is doing well. We will invest around Rs 3.5 crore per store,” Nilkamal' s Director Mr Manish Parekh said.

The company ventured into retailing with its @Home stores two years ago and is expected to break-even in the next two years, Mr Parekh added. “We plan to open at least 2-3 stores by this year-end,” he said.

Besides expanding its footprint nationally, the company will also give a strong thrust to its lighting and home furnishing business, he said. Nilkamal clocked a turnover of Rs 1,000 crore last fiscal with @Home contributing around Rs 127 crore.

“This fiscal, we expect to cross the Rs 1,000-crore mark.@Home's contribution too should increase to over Rs 140 crore, Mr Parekh said. - PTI

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