Carysil to invest Rs 500 cr to hike production capacity

New Delhi, Mar 23 (PTI) Premium kitchen solutions provider Carysil plans to invest Rs 500 crore to increase manufacturing capacity of kitchen sinks, faucets and appliances segment as part of its long-term growth strategy in India, according to a statement by the company.
     Under the programme, Carysil has earmarked Rs 100 crore to double its sink manufacturing capacity from 1 million to 2 million units per year, it said.
     Another Rs 50 crore will be invested for expanding its stainless steel sink production to 2.5 lakh units annually, the company added.
     To enhance kitchen faucet production to 50,000 units per year, Rs 30 crore will be invested and another Rs 20 crore towards manufacturing 50,000 built-in kitchen appliances per annum, the statement said.
     "Our vision is to establish Bhavnagar as the largest global hub for kitchen sink manufacturing. 'Make in India' is at the core of our growth strategy, and we are committed to raising the bar in quality and innovation in kitchen solutions," Carysil Ltd Chairman and Managing Director Chirag Parekh said.
     Carysil said it has invested Rs 300 crore in India and globally in the past five years, enhancing its capacity and product range.
     The company which has an annual revenue of Rs 800 crore clocks around Rs 150 crore from India. Its products are exported to 58 countries, including the US, the UK, and Europe, it added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)