Somany Cermaics, is planning to set up a greenfield project in Gujarat at cost of Rs. 120 crore. The company has acquired 17 acres for setting up this project and it is expected to go on stream by July next year.
Addressing a press conference here on Friday, Abhishek Somany, Joint Managing Director, said the project would come up in two phases and would be funded through debt and internal accruals. By 2011-12, the new facility would generate around Rs. 180-190 crore of revenue, he said.
Mr. Somany, who was here to launch the company's 37{+t}{+h} showroom, said the company had invested Rs. 110 crore at its Haryana facility for expansion. The combined capacity would be about 56,000 sq. m. a day. It had tied-up with 20 contract manufacturers with a combined capacity for around 25,000-30,000 sq. m. a day.
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The company ended the year March 31, 2010, with a turnover of Rs. 565 crore and it had set a target of Rs. 700 crore for the current fiscal, an increase of 23 per cent as compared to last year. Mr. Somany said the company was planning to have 100 shops by the end of the current fiscal.