Chandigarh: Bath fittings and sanitary ware major Jaquar Group on Thursday said it will invest Rs 300 crore for expanding its manufacturing facilities in Rajasthan and Haryana in the current fiscal.
"A sum of Rs 150 crore will be spent on raising the capacity of faucets manufacturing facility located in Bhiwadi in Rajasthan," Jaquar Group's Promoter and Director Rajesh Mehra said here.
The company looks to expand the manufacturing capacity of faucets from 80,000 to 100,000 per day, he said. "It will be commissioned in next six months," he added.
Jaquar Group would also invest Rs 150 crore on its LED manufacturing facility in Manesar in Gurgaon district of Haryana, Mehra said.
The company is also aiming to clock total turnover of Rs 3,300 crore by the end of this fiscal at a growth rate of 18 per cent.
The size of the sanitary ware industry is pegged at about Rs 8,000 crore and it is growing between 8 to 10 per cent per annum, he said.
Mehra said Punjab is one of the largest markets for the Jaquar Group and has maintained a sustained growth year on year. From Chandigarh alone, the company is expecting 22 per cent growth over the previous fiscal.
"Punjab has always been a key market for Jaquar Group with a high demand for Jaquar products coming from within this region.
"Our major focus now is to strengthen our India business alongside our vision to become a global player in the 'complete bathroom and lighting solutions' industry," he said.