[ad_1]
Hindustan Meals Ltd, a key provider of packaged client objects to the likes of Hindustan Unilever, Marico and Danone, mentioned it has agreed to accumulate sports-shoe manufacturing operations from SSIPL Retail Ltd for Rs 77 crore. The corporate already provides sneakers to some main sports activities manufacturers and the brand new acquisition will add round 3,500 staff to its headcount.
KNS Shoetech Personal Restricted, a completely owned subsidiary of Hindustan Meals, entered right into a Enterprise Switch Settlement to accumulate SSIPL’s manufacturing amenities at Bangran and Bhagani in Himachal Pradesh in addition to Kundli in Haryana. The entire outlay for the transaction exceeded Rs 100 crore.
The acquired factories are state-of-the-art amenities catering to main sports activities and footwear manufacturers together with Puma, Reebok, Asics and Sketchers. The deal will assist set up KNS Shoetech as a premier contract producer for manufacturers trying to increase manufacturing in India. KNS Shoetech already has current relationships with a few of these manufacturers for shoe manufacturing.
“SSIPL is among the pioneers of the sector having began manufacturing sports activities sneakers and sneakers in 1995,” mentioned Himmaj Soni, Head of the Sports activities Footwear Division at Hindustan Meals. “With this robust basis, we’re assured that we should always have the ability to leverage the huge alternative that’s unfolding within the sector.”
Hindustan Meals has been diversifying past its core FMCG enterprise lately to increase into new classes similar to sports activities sneakers. In December, the corporate introduced its entry into footwear manufacturing.
“It’s a matter of pleasure to welcome the greater than 3,500 robust staff of SSIPL to KNS,” mentioned Sameer Kothari, Managing Director of Hindustan Meals. “On the again of the Baddi acquisition and this one, we’re assured that HFL ought to have the ability to meet the purpose it had set for FY2025.”
The acquisition is predicted to shut within the coming months topic to customary closing situations. Hindustan Meals mentioned it can proceed to discover extra alternatives in contract manufacturing because it goals to develop into a one-stop-shop for manufacturers trying to outsource manufacturing. The corporate’s foray into sports activities sneakers enhances its current capabilities in FMCG contract manufacturing.
[ad_2]
Source link
