Soon after diversifying into fast moving consumer goods business, Ajanta on Thursday said it would set up a manufacturing unit in Himachal Pradesh and aims for 50 per cent rise in turnover from its new venture to Rs 120 crore (Rs 1.20 billion) this fiscal.
The Himachal Pradesh unit would be established with a cost of Rs 9.5 crore (Rs 95 million) and the FMCG division would see a sales growth of 50 per cent on the back of increasing sales of consumer care products, Ajanta India CEO Manish Purohit said at a press conference in New Delhi.
Ajanta India, the FMCG arm of Rs 300 crore (Rs 3000 million) clock maker Ajanta Quartz, came into being in April last year and registered a business of Rs 80 crore (Rs 800 million) during the last 10 months.
Ajanta India has already invested Rs 25 crore (Rs 250 million) in its facility at Morbi (Gujarat) to foray into consumer goods business.
Describing its range of products as "most economical", he said more skin and hair care solutions would be introduced this year.
"Our upcoming unit will cater to the domestic market, while the Morbi facility will be an export oriented unit," Purohit said.
The company will start exporting to neighbouring countries and a gamut of consumer care products would later be shipped to Europe and the United States, he said.
