The highly regarded lifestyle business Swiss Military Consumer Goods Limited, which is recognised throughout the world for its high-end and inventive items, has revealed its intentions to purchase land in order to open its first wholly owned production facility in India.
In line with the ‘Make in India’ campaign, this acquisition represents a critical turning point in Swiss Military’s strategic expansion. The purchased property will be used to build a new luggage and travel gear production plant that will serve both domestic and foreign markets. This will improve the company’s capacity to satisfy rising demand and broaden its global market reach. SM Travel Gear Private Limited, a wholly owned subsidiary, will be responsible for establishing the proposed facility.
With a built-up size of roughly 85,000 square feet and an approximate area of 1.21 acres, the property consists of both land and buildings, with an annual production capacity of ten lakh units. At a first investment of 56.50 crore, the production unit is expected to be completed in 8 months, on 31st December 2024. Swiss Military’s dedication to product innovation and operational excellence is further highlighted by this investment and is also another stepping stone for the international recognition of the ‘Make in India’ initiative.
On the occasion, Anuj Sawhney, Managing Director, Swiss Military Consumer Goods Ltd, stated, “With domestic and international leisure and business travel having bounced back aggressively, we have seen very robust growth in the luggage and travel gear segment. This new venture by Swiss Military CGL is aligned to our future vision of expansion in India and abroad while being part of their ‘Make in India’ movement.”
The ‘Make in India’ initiative was launched globally in September 2014 as a part of India’s renewed focus on manufacturing. The objective of the initiative is to promote India as the most preferred global manufacturing destination.
Since the launch of this landmark initiative, the Government of India has taken several reform initiatives to create an enabling environment for providing an impetus to manufacturing, design, innovation and start-ups.
In order to achieve this, the Government of India has taken up a series of measures to radically improve ease of doing business. Its objective – make the regulatory environment easy and simple for businesses to flourish.