Companies

Shree Malani Foams to invest Rs 55 cr in 2nd manufacturing plant

V Rishi Kumar | | Updated on: Aug 24, 2018

To manufacture 6,000 tonnes of polyurethane foam at Khurdha unit

Shree Malani Foams Pvt Ltd (SMFPL), a part of Shree Malani Group, has expanded its manufacturing facility at Khurdha, Bhubhaneswar. The ground-breaking of the new plant was virtually done by Naveen Patnaik, Chief Minister of Odisha, in the presence of SMFPL Managing Director Siddharth Malani, and senior officials of IDCO and IPICOL.

Spread across on 18.5 acres with a proposed investment of Rs 55 crore, the new plant will have a capacity to manufacture 6,000 tonnes of polyurethane foam. PU foam finds applications in many spheres ranging from upholstered furniture, mattresses, footwear, automobiles, and packaging.

As per industry estimates, the market size of PU foam in India is about Rs 3,000 crore and Shree Malani Foams currently holds around 5 per cent share, with a plan to increase it to 10 per cent within the next three years.

The new plant will further strengthen the company’s market positioning as it will help Shree Malani Group to enhance its reach across Odisha and Eastern India comprising Chattisgarh, Bihar, Jharkhand, West Bengal, Sikkim, Assam and other North Eastern states. It will also generate direct employment for around 150 people with indirect employment opportunities for 500 people.

Earlier in 2015, Shree Malani Group, a leading player in Comfort and Bedding Industry, had launched its first plant at Khurdha which manufactures mattresses under its brand – Centuary Mattresses. The existing plant has a capacity to manufacture 100,000 mattresses per annum.

Purshottam Malani, Chairman – Shree Malani Group said, “Odisha provides an apt opportunity for expanding our manufacturing operations and also developing a hub to cater to the eastern part of the country. We are encouraged by the local ecosystem and are launching our second manufacturing plant in Odisha within three years. We are confident that this new plant will play a major role in our growth strategy as it will augment our reach to tap newer geographies.”

Currently, Shree Malani Foams is a major supplier of PU foam to many industries, including comfort and bedding, as well as for many other technical applications. Centuary Mattresses, on the other hand is growing its presence rapidly in the country with a current network of over 3,000 dealers and over 200 exclusive brand Stores. It plans to open another 100+ exclusive brand stores in 2018-19.

Sania Mirza, International Tennis star, is Shree Malani Foams brand ambassador.

Published on August 24, 2018

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