Jaquar Group is all set to start production at two new factories by October, making household LED lighting systems and water heaters. Despite the depression in sales due to Covid-19, the firm has invested around ~200 crore in capex for the units.
Among the two new factories in concern, the lighting unit will start its work at Bhiwadi, Rajasthan, with 50,000 square meters of manufacturing space. Another factory for water heaters will open in Kundli, Haryana.
Jaquar expects additional employment of around 1,500 and 2,000 workers at full production. Reportedly, their overall sales are back to healthy levels in the last two months.
Rajesh Mehra, chairman and promoter of Jaquar, said: “The real estate slowdown in luxury has impacted us but the growth of affordable housing demand has kept us insulated from major contractions, Orders are coming to us even now from developers are launching projects.”
The chairman said his markets are more consistent in north and south Indian states. However, his target of reaching a billion dollars in turnover by 2022 stands delayed.
Image Courtesy: justdial.com
Rajesh Mehra further shared that the international sales are encouraging, the revenues are expected to grow from around 5 per cent of the revenue to 25 per cent in the next three years.
Jaquar also envisions to open a new self-owned store in Leeds, England, in November.
Information Courtesy: pressreader.com
Cover Image Courtesy: indiatimes.com
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