Centuary Mattresses Arm SMFPL To Commission Rs 60 Cr-Plant In Odisha Soon
- ByStartupStory | August 13, 2021
Shree Malani Foams Private Ltd (SMFPL), promoted by Centuary Mattresses, on Thursday said it has set up a greenfield facility in Odisha’s Khurda district with an investment of Rs 60 crore and is aiming at capturing 25 per cent market share of the Eastern region in next two years. The unit will help the polyurethane (PU) foam manufacturer increase its overall revenue by 50 per cent during the period, an official said. ‘This growth will be driven not only by the ramping up of production capacity but also the new unit’s geographical proximity to the Eastern market,’ SMFPL managing director Siddharth Malani said. The company will employ 250 people at its new factory, he said.
It is planning to expand its network into West Bengal and the northeastern states to capture a 25 per cent market share in the east in the next two years, he said. The greenfield project is the second venture of the group in Odisha as Centuary Mattresses had in 2015 set up a manufacturing plant in the state. The group’s mattress brand, Centuary, commands the market leadership position in Odisha with a share of close to 30 per cent, Malani said. The Hyderabad-based company has deployed European machines to create high-quality products for its vast consumer base. The company manufactures 10,000 tonnes of PU foam annually at its Hyderabad facility under Centuary Mattresses and will double its overall capacity with the new plant.
‘We are looking forward to ramping up production and boosting our revenue over the next few years,” Malani said, adding that West Bengal and northeastern states are relatively untapped markets. With its new manufacturing unit, SMFPL will be looking at bridging the existing market gap and providing consumers with dependable home furnishing products, Malani further added.
Follow Startup Story
Related Posts
