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Vadodara-based industrial glass products maker Goel Scientific Glass Works Ltd is planning to raise around Rs 10 crore through private equity funding. The company is embarking on the designer home décor glass products segment under the brand D’Boro.
“We are planning to have a private equity partner in the next 3-4 months. The company’s valuation exercise is underway and we plan to raise about Rs 10 crore through a PE partner. For this, we are ready to give about 10-20 per cent stake to PE partner,” Hemant Goel, Chairman, Goel Scientific Glass Works Ltd, said at a media briefing in Ahmedabad on Friday.
Goel informed that the additional funding will be required to strengthen its manufacturing as well as marketing of the home décor glass products.
The company, which had reported a turnover of Rs 16 crore in 2013-14, is eyeing Rs 25-30 crore turnover this fiscal with around 30 per cent of it coming from the home décor glass products. The company has a manufacturing facility in Vadodara.
Besides the scientific and labware glass products, the company has developed designer glass furniture in the categories of tables, partitions, display racks and jumbo vases. The company has obtained patent for its glass furniture, while it has six other patents in industrial products.
“Our target is to increase our business in glass furniture with innovative products. In the next 8-10 years, we expect to achieve Rs 2,500 crore turnover,” Goel said, adding that initially the company will sell its products in Ahmedabad, Vadodara, Surat and Mumbai markets.
The company has a export revenue of Rs 7 crore, which is likely to increase to Rs 12-15 crore this fiscal. “Initially, we will sell the home décor products in the domestic market, but we expect demand to come from overseas markets like the Middle East and the US,” he added.
Diversification from industrial products to home décor is expected to help the company strengthen its brand as well as penetrate into the consumer segment. “In the next two years, we plan to cover the entire nation with our sales network,” Goel said.
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