Taking its mattresses manufacturing capacity up by 40 per cent, Kurl-on Ltd., part of the '2,000 crore Manipal Group, is setting up a plant in Jhagadia, Gujarat. To be set up at an investment of '80 crore, the plant will carry a manufacturing capacity of 4,000 mattresses per day.
Currently, Kurl-on manufactures around 10,000 mattresses per day from seven facilities including two in Bangalore, two in Tumkur, Bhubaneswar, Gwalior, and Uttaranchal.
Talking about the company’s plans for expansion of capacity, Sudhakar Pai, chairman, Kurl-on Ltd. said, “We were required to up the ante by expanding our capacity and we found a good deal in Jhagadia, Gujarat where we were recently allotted a 25 acre land. We will be setting up a mattress manufacturing plant at an investment of '80 crore, funding of which will be done through internal accruals as well as private equity. While the new plant will initially manufacture mattresses at a capacity of 4,000 per day, we intend to later add other products including polyester fibre wadding.”
The plant, Kurl-on’s first in Gujarat and 8th in the country, may also manufacture pillows, sofas and other furniture to support its ‘Kurl-on Nest’ venture. “We had launched Kurl-on Nest, a range of exclusive showrooms that will also offer products required from drawing to dining rooms including mattresses, pillows, sofas, bed spreads and home furniture. While the furniture is being outsourced, we intend to set up our own manufacturing facility for the same,” Pai added.
With an annual turnover of '417 cr crore and a dealer network of 5000 across India, Kurl-on now has its wings spanning across 45 offices and 50 godowns strategically located all over the country. Intending to set up two more manufacturing facilities, including one in Saudi Arabia, Kurl-on is also mulling entering the capital market to raise funds through an initial public offering (IPO).
“We may have to take the IPO route in a year’s time. However, the decision has not been finalised,” Pai added.
