Manufacturing business Stone Sapphire India plans to invest Rs 1,000 crore to establish a production facility in Gujarat’s Baroda (Vadodara) on its own land parcel in the city. The unit will manufacture a wide range of homeware goods including small appliances and home accessories among others.
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“Our work on new plant and capacity expansion has already begun in Baroda, which focuses on the homeware segment,” Stone Sapphire India Private Limited’s chairman Vick Rana told the Press Trust of India. “We are investing Rs 1,000 crore on this expansion.”
Stone Sapphire India currently manufactures toys, stationery, and accessories and holds licenses for franchises including Marvel, Disney, Viacom, Peppa Pig, Mattel, and Paw Patrol among others, according to its website. The business expects that expanding its manufacturing capabilities and product selection will enable it to increase its turnover from its current total of Rs 250 crore to Rs 1,000 crore by the 2026 financial year.
“Ever since our association with global dinnerware giant Corelle USA, the brand sales have increased by 20%,” said Rana. “The massive support from our retail fraternity has been overwhelming, further strengthening our belief in the home segment. The 27,000 retailer touchpoint base is constantly increasing and we aim to increase it to 50,000 touch points in the next five years.”
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