Srithai to invest $32 mn in India; set up four plants
Press Trust of India / New Delhi Mar 12, 2010, 15:48 IST
Melamine products maker Srithai today said it will invest $32 million (about Rs 146 crore) in India over next five years and set up four facilities in the country.
Srithai, the world's largest melamineware firm, also said it is scouting for local partners to form a joint venture and is targeting a revenue of $60 million (about Rs 275 crore) here by 2015.
"We will invest $32 million in next five years to start four facilities with a total capacity of 12,000 tonne of melamine products annually. The first plant, which will be somewhere in North India, probably near Delhi, will be operational by early next year," Srithai Superware PLC Chairman and President Sanan Angubolkul told PTI.
He said that 70 per cent of the investment on the facilities would be made by the company's global office, while the rest would come from a local partner.
"For this reason we are keen to form a joint venture in India with a local player. We have already shortlisted some potential partners and the final announcement will be made soon," Angubolkul said.
The company is aiming to make India one of its major global markets.
"Our aim is to achieve a revenue of at least $60 million from the Indian operations by 2014," he said.
The company today unveiled its 'Ektra' range of lifestyle melamineware in the country, which also marked the formal start of its direct selling business in India.
The $180-million Srithai had started its India operations last year with the opening of its office in Delhi.
Angubolkol said that the company will initially source the molds and other raw material from Thailand for use at its India plants.
"The Indian facilities will be mainly directed to address local demand but we will also export our dishware and other products from here to countries in neighbouring South Asian countries and the Middle East markets," he said, adding that 2,000 people will be employed by end of 2014.
The Indian organised tableware market, including glass and porcelain, is estimated to be of Rs 1,200 crore and melamineware forms a very negligible portion of it.
"However, any Indian tourists who go to visit South East Asia comes back with big packets of melamineware paying hefty import duty. Besides, the aesthetic and health aspects related to melamine products is also a big draw and provides immense potential for us," Angubolkol said.
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