Relaxo Footwears acquires land in Pathredi Industrial Area for expansion in Rajasthan
Relaxo Footwears, India’s largest footwear manufacturing company has announced its successful bid and acquisition of a significant land parcel in Pathredi Industrial Area, Bhiwadi – II, Rajasthan. This strategic move is set to bolster the company’s manufacturing capabilities to meet future market demands.
Strategic Land Acquisition in Rajasthan
The company confirmed the acquisition of approximately 30 acres in the thriving industrial area, aiming to set up advanced manufacturing facilities. IndusInd Bank, the auctioneer of the land parcel, has officially recognized the company as the successful bidder. This acquisition is by Relaxo Footwears contingent upon receiving customary statutory approvals.
Financial Details of the Acquisition
Valued at approximately Rs. 135 crores, this acquisition is a major investment by the footwear giant. The funding for this strategic land purchase will be sourced through internal accruals, following the necessary statutory approvals. This move aligns with the company’s commitment to sustained growth and staying ahead of market demands.
Company’s Vision for Growth and Innovation
Ramesh Kumar Dua, Managing Director of Relaxo Footwears, expressed his views on this milestone acquisition: “This land acquisition marks a significant milestone for the Company. The 30 Acres land parcel in Bhiwadi, Rajasthan not only provides us with room for expansion but also positions us to respond proactively to the evolving needs of the market.”
Enhancing Production Capabilities
Relaxo Footwears’ focus remains on delivering quality products with an emphasis on innovative and premium offerings. The new land parcel in Bhiwadi will empower the company to expand its production capabilities and enhance its product portfolio, reinforcing its position as a leader in the footwear manufacturing industry.
Impact on the Footwear Industry
This acquisition is a testament to the company’s foresight and strategic planning for future growth. By expanding its manufacturing footprint, the company is set to play a pivotal role in shaping the future of the footwear industry, both domestically and internationally. The move by Relaxo Footwears signifies a major step in the company’s journey towards becoming a global leader in footwear manufacturing.