April 22, 2024
Corporates

Pioneer Embroidery Ltd Commences Embroidery And Lace Production In Maharashtra

Pioneer Embroidery Limited (PEL) has initiated commercial production of embroidery and laces at its facility located in Shree Ganesh Integrated Textile Park (SGITPL), Degaon-Dhule, Maharashtra.

The Degaon unit is now operational with eight advanced computerized machines imported from Lasser AG, Switzerland, signifying the implementation of PEL’s second-phase business strategy. The strategic investment aims to streamline embroidery production, modernize equipment, reduce labour costs and improve overall efficiency to remain competitive. PEL anticipates increased turnover in the coming months, capitalizing on festival demand and export orders.

In FY2023, the embroidery and laces business achieved a turnover of Rs 4,582 lakh, a significant 14.21% increase from the previous year. The total investment in the Degaon plant and equipment is Rs 41 crore approx., with the building leased from SGITPL. The facility is expected to achieve a turnover of about Rs 50 crore at peak utilization, with room for further capacity expansion.

PEL also holds a lead promoter position in SGITPL, with a separate investment of Rs 10.56 crore for a 33.2% stake.

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