Steelbird to invest Rs 105 crore on setting up new factory, expansion: Managing Director
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Steelbird has eight factories manufacturing helmets. Four plants are located at Baddi in Himachal Pradesh and four at Noida in Uttar Pradesh. With the capacity expansion, the company’s helmet manufacturing capacity will increase to 50,000 helmets per day from the current 21,000.
New Delhi. Domestic helmet maker Steelbird Hitech India Ltd. To increase its capacity, it will invest Rs 105 crore on setting up a new factory and expansion of other plants. With this, the company has planned to open its showroom in every district of the country. The company’s Managing Director Rajeev Kapoor gave this information on Friday. Steelbird has eight factories manufacturing helmets. Four plants are located at Baddi in Himachal Pradesh and four at Noida in Uttar Pradesh. With the capacity expansion, the company’s helmet manufacturing capacity will increase to 50,000 helmets per day from the current 21,000.
Kapoor told PTI, “Steelbird will set up a new factory at Baddi in Himachal Pradesh with an investment of Rs 50 crore to increase capacity. Apart from this, it will spend Rs 55 crore on the modernization and expansion of the already existing plants there. The setting up of the new factory and expansion of the plants is expected to be completed by March 2025. With this capacity expansion, the company’s helmet manufacturing capacity will increase to 50,000 helmets per day by March 2025. He also said that the company’s market share in branded helmets is 35 percent and with the capacity expansion, this share is expected to increase to 50 percent. Have an estimate. According to industry estimates, the country’s helmet market is worth Rs 2,000 crore. The organized sector’s share in this is Rs 1,500 crore.
Kapoor said, “Along with capacity expansion, we are also focusing on increasing the distribution network in the domestic market. Under this, the target is to increase the existing distribution network from 2,200 to 2,400 by March 2025. Also, we have plans to increase the number of our showrooms from the current 150 to 1,000. The company aims to open Steelbird Helmet stores in every district.” Referring to exports, he said that at present we export about five percent of our total business. Exports are mainly done to Cambodia, Kenya, Nepal, Bangladesh and European countries. The company aims to increase exports to 10 per cent of the total turnover by 2024-25. The total turnover of the company was Rs 478 crore in 2022-23.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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