Bhubaneswar: Shree Malani Foams Pvt. Limited (SMFPL) -part of Shree Malani Group -one of India’s leading player in Comfort and Bedding Industry, today announced the expansion of its manufacturing facilities in Khurdha, Bhubaneswar. The ground breaking of the new plant was virtually done by Shri Naveen Patnaik, Honourable Chief Minister of Odisha on the 23rd August 2018 in the presence of SMFPL Managing Director Mr. Siddharth Malani, and senior officials of IDCO& IPICOL.
Spread across on an area of 18.5 acres with a proposed investment of around INR 55 Crores, the new SMFPL plant will have a capacity to manufacture 6,000 Tonnes of PU (polyurethane) Foam. PU Foam finds applications in many spheres ranging from upholstered furniture, mattresses, footwear, automobiles, packaging, etc. As per industry estimates, the market size of PU Foam in India is pegged at INR 3,000 Crores and SMFPL currently holds around 5%; with a plan to increase to 10% within next 3 years. The new plant at Khurdha, Odisha will further strengthen its market positioning as it will help Shree Malani Group to enhance its reach to across Odisha and Eastern India comprising of Chattisgarh, Bihar, Jharkhand, West Bengal, Sikkim, Assam and other North East states. It will also generate a direct employment for around 150 people with indirect employment opportunities for 500 people.
Earlier in 2015, Shree Malani Group launched its first plant at Khurdha which manufactures mattresses under its brand – Centuary Mattresses – one of the leading Mattress Brand in the country. The existing plant has a capacity to manufacture 100,000 mattresses per annum.
On the ground breaking of the new foam plant, Mr. Purshottam Malani, Chairman – Shree Malani Group said, “Odisha provides an apt opportunity for expanding our manufacturing operations and also developing a hub to cater to the Eastern part of the country. We are very much encouraged by the local ecosystem and that’s the reason we are launching our second manufacturing plant in Odisha within 3 years. We are confident that this new plant will play a major role in our growth strategy as it will augment our reach to tap newer geographies. We would like to thank the government of Odisha for their support.”
“We are progressing at the right pace and direction to achieve the position of the top player in Indian Comfort and Bedding industry by 2025,” he added.
Shree Malani Group- comprising of Shree Malani Foams and Centuary Mattresses – is aiming to double its revenue every 3 years starting from FY 2018-19. With a strong order book and a robust pipeline of innovative products, the group is expecting a growth of around 30% in FY 2019 itself.
Currently, SMFPL is a major supplier of PU Foam to many industries including comfort & bedding; as well as many other technical applications. Centuary Mattresses, on the other hand is growing its presence rapidly in the country with a current network of over 3,000 dealers and above 200 Exclusive Brand Stores. It is planning to open another 100+ Exclusive Brand Stores in the year 2018-19 in various states. It has also recently appointed Ms. Sania Mirza, International Tennis star as its Brand Ambassador.