Nilkamal to invest Rs 140 cr in home furnishing biz | business | Hindustan Times
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Nilkamal to invest Rs 140 cr in home furnishing biz

business Updated: Sep 20, 2009 12:32 IST
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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 Manish Parekh, told PTI here.

The company ventured into retailing with its @Home stores two years ago and is expected to break-even in the next two years, 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, Parekh said.