Welspun India, leading home textiles manufacturer who recently ventured into flooring business, aims to corner 10% of flooring business in the coming years. During FY20, the company has achieved a turnover of Rs 40 crore in its newly formed flooring division. The company started flooring business in the second half last financial year.
Domestic flooring market is estimated to be of the size of Rs 8000 crore and the company aims to achieve 10% of the market share of the same in the coming years. Earlier, the company was planning to focus mainly on domestic market. However, COVID outbreak has changed the strategy of the company and now the company aims to 50-50 mix exports and domestic sales. In the current financial year itself the company is aiming to achieve 50%of its sales (in flooring business) through exports. The company aims to achieve Rs 2,000 crore sales in next five years.
The company was very close to signing up with major international partners. However, outbreak of COVID has delayed the signing of the contracts. Now, by July-September, the company hopes to close a couple of contracts.
The company has already set up network of 475 dealers and by this financial year end the company is planning to double this number.
The company has already incurred a capex of Rs 880 crore on the project so far. According to the company, it has to incur additional Rs 200 crore to complete the project.
Established in 1985, Welspun India currently is one of the top-three home textile manufacturers globally and is the largest home textile company in Asia. It has modern manufacturing facilities at Anjar and Vapi in Gujarat where it produces an entire range of home textiles for bed & bath category.