Bhubaneswar: Shree Malani Foams Pvt. Limited (SMFPL) – part of Shree Malani Group, one of India’s leading players in the Comfort and Bedding Industry, has announced the start of the construction of its manufacturing facility at Khurdha, Bhubaneswar. With a capacity to manufacture 6,000 Tonnes of PU (polyurethane) Foam, this will be Shree Malani Foams’ first plant outside its home state Telangana. The total manufacturing capacity of Shree Malani foams will reach 15000 Tonnes once the new plant becomes fully operational by Q4 2020.
Spread across on an area of 18.5 acres, the new state-of-the-art plant at Khurdha will have cutting-edge machinery imported from Germany. With an investment of INR 55 Crores, the plant will create an opportunity for direct employment of 150 people and 500 for indirect employment. As per industry estimates, the market size of flexible PU Foam in India is pegged at INR 3,000 Crores and SMFPL currently holds around 10% with a plan to capture additional 5% within next 3 years.
While commenting on the occasion Mr. Purshottam Malani, Chairman – Shree Malani Group said, “This new manufacturing plant at Khurdha will further strengthen our market positioning as it will help Shree Malani Group to increase its penetration not only across Odisha but also to eastern part of the country comprising of Chhattisgarh, Bihar, Jharkhand, West Bengal, Sikkim, Assam, and other North-East states. Our foam business have been growing at a CAGR of around 30% in the last 10 years and this plant will help us to augment our growth as we aim to double our revenues in every 3 years.”
Currently, SMFPL is a major supplier of PU Foam to many industries including comfort & bedding, as well as many other technical applications. PU Foam finds applications in many spheres ranging from upholstered furniture, mattresses, footwear, automobiles, packaging, etc. Shree Malani Group already operates a mattress manufacturing plant under its Centuary brand which is one of the top mattresses in the country.