Fabric maker Donear will invest ₹400 crore in Jammu to make carpets and rugs, said Rajendra Agarwal, its Managing Director.
The company has purchased land in Jammu and the plant will be operational in 24 months. Almost 90 % of the products made there will be exported and with this unit, Donear will venture into home textiles, he said.
It launched ‘Neo Stretch’ brand fabric in the domestic market three years ago and plans to start exclusive retail outlets for Neo Stretch products. At present 10% of its domestic business will be from Neo Stretch products. Donear will also launch 50 to 100 multi brand outlets that will sell its four national brands and eight sub-brands. “The plan is to have 400 stores in three years,” he said.
The company recently acquired two spinning units, taking its total spindleage to over one lakh. This will add ₹400 crore to its topline, Mr. Aggarwal said.
The export and the domestic markets for textiles are expected to revive by July this year, he added.
