AIFL to open 10 retail outlets in Mumbai

Ashapura Intimates Fashion Ltd. (AIFL) has planned an investment of Rs 31 crores to expand its retail reach by opening around 10 retail outlets across Mumbai. Plans are in the pipeline to set up a manufacturing plant in Gujarat over the next year. AIFL already has a manufacturing plant in Thane. However, the new unit to be set up in Gujarat will complement the company’s retail expansion drive.

For now, the company supplies merchandise from its Thane unit to multi-brand outlets across the country. The company has decided to invest around Rs 50 lakh per store raised through its internal accrual. The company’s retail outlets are operational in Bangalore and Kerala. The first retail outlet of the company, which is listed on the BSE with its current market cap at over Rs 290 crores, is expected at Hill Road in Mumbai, this month.

The new manufacturing unit in Gujarat is being planned over 2.25 lakh square feet land, which would double the company’s production capacity. The company has also undertaken a recruitment drive to rope in 2,000 people for its Gujarat plant.