April 17, 2024
Corporates

Donear Invests Rs 400 Crore In Jammu For Home Textiles Expansion

Fabric manufacturer Donear will invest Rs 400 crore in Jammu to establish a facility for the production of carpets and rugs, announced Rajendra Agarwal, Managing Director of Donear.

The company has acquired land in Jammu, and the plant is expected to be operational within 24 months. Agarwal stated that approximately 90% of the products manufactured at this facility will be earmarked for export, marking Donear’s foray into home textiles.

Donear introduced its ‘Neo Stretch’ brand of fabric in the domestic market three years ago and plans to establish exclusive retail outlets for Neo Stretch products. Currently, Neo Stretch products contribute to 10% of Donear’s domestic business. Additionally, Donear aims to launch 50 to 100 multi-brand outlets that will feature its four national brands and eight sub-brands. Agarwal expressed the goal of establishing 400 stores within the next three years.

The company recently acquired two spinning units, which have increased its total spindleage to over one lakh. Agarwal projected that this acquisition would contribute Rs 400 crore to Donear’s topline.

Agarwal added that both the export and domestic markets for textiles are anticipated to rebound by July of this year.

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