Leading intimate apparel company VIP Clothing Ltd., has sold its Umbergaon factory to raise Rs. 10 crore (US $ 1.2 million).
The production will now happen at a central location from the company’s Thingalur factory which will be faster due to advanced machineries and 4 times production capacity with skilled labour.
In a statement, Kapil Pathare, Director of the company said, “We realised that this asset is idle and underutilized and selling this can help us gain substantial amount that can be then put to better use in our business.”
The company will be using this amount to fuel its growth plans in the Indian market and thrust will be on scaling the business with investments in production, technology, innovation and marketing.
In the coming three years, the company plans to cross the 100-store mark through the franchise and an exclusive brand model.
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