Bhubaneswar, Oct 3: Centuary Mattress, a Hyderabad-based manufacturer which also has presence in Odisha’s at Jamdani industrial area, near has plans to expand its operations by setting up a foam plant at Jayamangal in Khurda.
“The foam plant will be put up by sister company Shree Malani Foams with an investment cost of around Rs 55 crore. The production capacity of foam will be around 8,000 tonnes per annum,” Executive Director of Centuary Mattress, Uttam Malani said.
Preparation for the project is going well beginning with land acquisition. Malani said the company has already acquired 19.5 acres of land in Jayamangal. “We expect that the plant will be ready for production in next 15 months,” he added.
Centuary mattresses presently manufacture around 1.5 lakh units per year using about 60 per cent of the plant’s capacity. “Centuary invested Rs 35 crore in Khurda plant in which Rs 25 crore was spent in phase 1 and Rs 10 crore in phase 2 capacity expansion,” Malani said.
Centuary enjoys around 22-23 per cent of market share in Odisha as against country’s share of about 10-11 per cent. The Khurda plant caters to the entire eastern region as well as the North-East market.
“Our company is growing at the rate of 15 per cent every year in terms of volume and nearly 20 per cent year-on-year growth in terms of value for the last 15 years,” he said.
The Shree Malani Group posted revenue of around Rs 415 crore in last fiscal out of which Centuary Mattress’ turnover contributed around Rs 210 crore. Malani said that the group expects to achieve a turnover around Rs 450 crore in FY’20.