STONE SAPPHIRE TO INVEST ₹1K CR FOR HOMEWARES MFG FACILITY

Toys and stationery manufacturer Stone Sapphire India will invest ₹1,000 crore to set up a manufacturing facility for homewares like glassware, sippers, dinnerware etc, in Baroda. Talking with PTI, Stone Sapphire India Pvt. Ltd. (SSPL) Chairman Vick Rana said that homeware products available in India are either for the lower class or very high-end for the elite and leave a huge vacuum for middle-class consumers.

“Our work on new plant and capacity expansion has already begun in Baroda which is focused on the homeware segment. We are investing ₹1,000 crore on this expansion,” Rana said. The Baroda plant will manufacture small kitchen appliances, metal cookware, and drinkware. This will help increase not just the production capacity for the Indian market but also increase exports by at least 50%, thereby making products in India for the world, he stated..

Rana further said this expansion will help the company increase its turnover to ₹1,000 crore by 2025-26 from ₹250 crore at present.

He said: “Ever since our association with global dinnerware giant Corelle USA, the brand sales have increased by 20%. The massive support from our retail fraternity has been overwhelming, further strengthening our belief in the home segment. The 27,000 retailer touchpoint base is constantly increasing and we aim to increase it to 50,000 touchpoints in the next 5 years..

The company owns a land parcel of around 1.3 million square feet in Baroda, which is currently just 40% utilized.

“The green factory structure is already ready, and we are in advance talks for the import of machinery,” he stated. The company marked its foray into the home segment nearly four years ago as the sole importer & distributor of global dinnerware giant Corelle USA.