Nipponply Industries to Invest Rs 250 Crore in Furniture Sector Expansion
Gujarat-based Nipponply Industries announces a Rs 250 crore investment to boost furniture production for exports, enhance e-commerce infrastructure, and establish design centers. Focusing on global partnerships, the company aims to lead in modular furniture exports. Key challenges include addressing raw material price volatility and ensuring quality control.
- Country:
- India
Nipponply Industries, based in Gujarat, has unveiled plans to invest Rs 250 crore over the next three years to expand its production capabilities for export markets. This investment will also focus on developing e-commerce infrastructure and establishing design and warehousing centers, according to the company.
The firm is currently in the midst of investing Rs 65 crore in the expansion of its panel and furniture manufacturing segments. Managing Director Ketan Thakkar noted that the Indian furniture sector is poised for growth both domestically and internationally, with potential in markets like Europe.
Thakkar highlighted trends such as the move from local carpentry to modular solutions, and increased preference for wood-veneered plywood. He emphasized the need for addressing challenges like timber price volatility and promoting eco-certified raw materials to bolster India's position in global exports.
(With inputs from agencies.)
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