Chandigarh: Textile major SEL Manufacturing on Wednesday said it plans to foray into home furnishing segment by setting up a new facility in Punjab which would entail investments of more than Rs 1,500 crore.
The company has forwarded a proposal to Punjab government seeking 500 acres of land for the setting up of greenfield mega project.
"We have plans to foray into home furnishing segment and for this we have sought 500 acres of land for setting up a new facility for this purpose from Punjab government," the company's director, Neeraj Saluja told PTI.
He said the total investment in this project may exceed a sum of Rs 1,500 crore.
"The home furnishing facility will be a completely 100 per cent export-oriented unit and we will be catering to big overseas retailers," he said.
SEL already is in the process of investing Rs 1,500 crore for setting up of new spinning facility to manufacture denim fabric and denim garments at Mansa district in Punjab.
"This project shall have capacities of 188,160 spindles in ring spinning, 40 million metres per annum in denim fabric and 8 million pieces of denim garments per annum. Civil work for the said project has already started. With this venture, the group will enter the world of denims," he said.
SEL, an integrated textile major producing yarns, knitted fabrics, terry towel, ready-made garments, has logged a 35.01 per cent jump in its turnover at Rs 2,330.83 crore in 2011-12 as compared to Rs 1,726.42 crore in the last fiscal.
PTI
First Published: Wednesday, May 30, 2012, 21:52