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Nahar Industrial Enterprises Ltd (NIEL), a fully integrated textile company, plans retail expansion for its readymade menswear brand Cotton County.
Company sources confirmed the expansion plan of the brand which made its foray one-and-a-half years ago. Currently, NIEL has a pan-India presence with 110 exclusive franchise retail outlets in Tier I and Tier II cities. NIEL further aims more than 250 outlets by March 2007, while for the year ended March 2006, the company has recorded a turnover of Rs 750 crore, of which retail accounted for Rs 36 crore.
Nahar proposes to increase its yarn and processed fabrics capacities at its units in Lalru and Bhiwadi (Rajasthan) and is currently busy expanding its facilities at these units for which it has invested Rs 814 crore.
The expansion plan, which will be completed by March 2008, has been funded through a combination of term loans, FCCBs and internal accruals. NIEL also plans to foray into real estate so as to utilise surplus land at three locations in Ludhiana (Punjab).