"We plan to open 41 new retail shops adding another 47,000 sq.ft of retail area by December 2005 with an investment of Rs 4 crore", Sudhir Jatia, director, VIP Industries said, while unveiling a new brand identity for the company.
The total number of retail shops and space after the addition would be 110 and one lakh sq ft respectively, he added.
The company, whose new plant at Haridwar in Uttaranchal, would be operational by March 2006, is looking at a total manufacturing capacity of five million units per annum.
"The new plant at Haridwar, set up with a capital expenditure of Rs 15-18 crore, (Rs 150-180 million) would be operational by March 2006 and the total capacity will increase to five million pieces per annum with this addition," Jatia said. Stating that the company is eyeing new markets in Asia, Jatia said VIP was in negotiations for distributor or licencing agreement in Japan.
VIP Industries chairman Dilip Piramal said, "The essence of the new VIP is captured in the new symbol-- the V-Globe.
In the V-Globe, the ellipse represents the world of travel, while 'V' represents joy and freedom from the stress of travel."
