Himatsingka gets clearance from Karnataka govt of its Rs1,325 investment proposal

The Karnataka government on Wednesday cleared five investment proposals worth Rs.2,050 crore in diverse sectors with job creation potential for 3,532 people. The State Government will also be sending a team of 20 women entrepreneurs from Karnataka to participate in the three-day international conference and business fair at Austin, US from June 23. Additional chief secretary K Ratna Prabha will be leading the delegation.

One of the proposals cleared is Himatsingka Siede, a Bengaluru based home textile major proposal to invest 1,325 crore in Hassan to manufacture bed linen.

The firm has said the project will create 2,750 jobs. This was one of the five greenfield projects the high-level committee headed by chief minister Siddaramaiah cleared on Wednesday.

Himatsingka Seide, a Rs 2,500 crore (sales) home-textile powerhouse with manufacturing operations in India and a retail network across 22 countries, has been growing at a compound annual growth rate (CAGR) of 15-18 percent over the last five years. Started by first-generation businessmen brothers Dinesh Kumar and Ajoy Kumar Himatsingka in 1985.

The group has always been forward-looking in terms of expanding their product portfolio, acquiring plants and setting up facilities. The company’s focus on fabric, design, drapes and pattern differentiates their products.

The company invested Rs 1,200 crore between 2006 and 2008, as part of its expansion plan. In 2007, it invested $125 million (Rs 535 crore) to set up a new bed linen manufacturing facility at the Hassan SEZ, about 200 km from Bengaluruangalore. In the same year, it acquired Italian company Giuseppe Bellora known for its bed linen brands, New York-based home furnishing player Divatex Home Fashions, and DWI Holdings, a licensee of the Calvin Klein Home and Barbara Barry brands.