NEW DELHI, Apr 22: Mattress maker Spring Air Bedding Co India plans to invest Rs 500 crore in the country in the next three years for expansion, including setting up of two new manufacturing plants.
The firm, which is a licensee of US-based Spring Air, is aiming to achieve up to 15 per cent share in the country’s Rs 6,000 crore mattress and pillow market.
“We aim to invest about 50 per cent of Rs 500 crore on acquiring equipment from Europe and Taiwan and on establishing a strong management team here,” Spring Air Bedding Company India Director Ashok Sharma told.
The rest of the fund will be used for marketing campaigns, new product launches and setting up of two manufacturing units in Mumbai and Kolkata, he added.
“We already have presence in North and South India, where we have manufacturing facilities. Now, we plan to establish manufacturing capabilities in Kolkata and Mumbai,” Sharma said.
The company, which started operations in India in 2008, has two facilities in Noida and Bangalore with a combined capacity to produce 50,000 mattresses and 2.5 lakh pillows annually.
The two new manufacturing plants in Kolkata and Mumbai will have capacity to produce 1 lakh mattresses and 5 lakh pillows annually, Sharma said.
The company, which is a joint venture between Oman-based firm WJ Towell and Ashok Sharma, is aiming for a bigger pie in the Indian mattress market.
“Out of the entire Rs 6,000 crore annual market for mattresses and pillows in the country, we aim to have around 10-15 per cent over the next five years,” Sharma said.
At present, the firm has a market share of around 10 per cent in the premium mattress segment, which is estimated to be around Rs 2,000 crore, he said.
The company sells mid and high range of mattress brands like Orthomedical Plus, Visco Grandeur, Posture Power and Comfort Rest and pillows, with price starting at Rs 12,000 and going over Rs 99,000. (PTI)
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