Mumbai: Textile major Arvind Ltd is planning to produce 40% of garments in-house from 10% at present as it looks to notch up the turnover of its textile business to Rs10,000 crore in the next five years.
“Presently, about 10% of our fabrics are made into garments internally. We are targeting to grow this to 40% of our production," Aamir Akhtar, chief executive, Denims, Arvind told PTI. For this, the company is adding capacity of 1 million metres annually, and expects 1 million garments to be produced internally per month over the next few years, he added.
Akhtar highlighted that Arvind’s denims business has about 40% marketshare in the organised denim market at present, registering a 8-10% annual growth. “The company is looking to increase it to 15%," he said.
The apparel major had earlier said it expects to increase the turnover from its textiles business to Rs10,000 crore in four to five years, from Rs6,000 crore at present. “The company is also looking to expand its capacities in existing units and set up new ones in the next few years," said Akhtar.
Arvind is presently in the process of demerging its branded apparel and engineering businesses, and intends to list its branded apparels business, Arvind Fashions, as a separate entity.
Arvind shares closed 2.81% higher to Rs395.50 on BSE, while the Sensex rose 0.87% to close at 33,255.36 points.