| The company is also planning to launch its own brand under the banner Sybly Industries. The company plans to market its threads across the country through a dealership network of around 20 in all major states. |
| "The sewing threads market is a lucrative one with limited players in the organised sector. We will be launching our own brand soon and will focus on organised retailing through dealership network," said Maheshchand Mittal, managing director, Sybly Industries Ltd. |
| He added, "We have already appointed two dealers each in Madhya Pradesh and Uttar Pradesh and are in the process of setting up a dealer network across the country." |
| The sewing thread market in India is dominated by established players such as Vardhman, which is one of the leading producers of sewing thread in the country and contributes around 12 per cent of the group turnover of over Rs 1,900 crore. |
| "We will also be selling sewing threads directly to garment exporters, which will increase the margins of our company. We aim to capture at least one per cent of the market share in the next one year," said Mittal. |
| The company has reported a turnover of Rs 44 crore in the last financial year and plans to close the current financial year with a turnover exceeding Rs 60 crore. |
| While talking about government initiatives, Mittal said, "The government is putting extra efforts to boost the textile sector and polyster yarn is one such area. |
| The announcements made in the Budget has benefited us through the reduction in corporate taxes well as custom duty on textile machinery and raw materials." |
| The company is already on an expansion mode with investments of over Rs 25 crore, which the company is planning to meet through a rights issue, borrowing from banks and financial institution and through internal accruals. |
| With the expansion, the company aims to achieve a turnover of Rs 100 crore in the financial year 2006-2007. |
Top Section
Explore Business Standard