Relaxo Footwears to acquire land parcel at Bhiwadi at Rs 135 crore

Leading shoemaker firm Relaxo Footwears Ltd on Monday said it will acquire a 30-acre land Parcel in Bhiwadi, Rajasthan, at Rs 135 crore.

The land at Pathredi Industrial Area, which is being acquired through a bidding in an e-auction, is for future manufacturing facilities addressing sustained growth and proactive response to market demands, Relaxo Footwears said in a statement.

"IndusInd Bank, the auctioneer of the land parcel, sent a confirmation letter to Relaxo ascertaining the company as the successful bidder for the land parcel. The acquisition pertains to approximately 30 acres of land parcel and is contingent on obtaining customary statutory approvals," the company said.

The acquisition will be funded through internal accruals post the necessary statutory approvals, it added.

"We are confident that this strategic move, which is aligned to the company's long-term objective, will contribute to the continued success and growth of the company," Managing Director Ramesh Kumar Dua said.

For the financial year ended March 31, 2023, Relaxo Footwear's revenue was at Rs 2,782.77 crore. It operates in the market with brands Relaxo, Sparx, Flite, and the Bahamas.