Epic Group to invest $20 million on India expansion
Garment manufacturer Epic Group has massive plans for the Indian market and has earmarked an investment of $20 million (Rs 142 crore) to expand its base in the country.
The company will make the investment to set up a first manufacturing unit in the country which will come up in the city of Ranchi in the state of Jharkhand.
The investment is expected to generate around 24,000 employment opportunities in the manufacturing unit for the people of Jharkhand which is expected to produce 15 million units of garments.
Epic Group will increase production in the coming years and also plans to invest further in setting up more units in other states to meet the growing demand from its retail clients across the globe. The group supplies to retailers like Walmart, JC Penney, Kohl's, Levi's, Uniqlo, H&M, Tesco, Sainsbury's among many others.
"The group intends to set up a Greenfield garment unit in India with around 40 lines at an investment of up to USD 20 million. The potential direct employment will be upwards of 4,000 people with indirect employment potential upwards of around 20,000 people," Ranjan Mahtani, chairman and group CEO told the Economic Times.
"First 12 months will go in setting up the unit and intensive workforce training. If everything goes according to plan we will increase the scale of our Ranchi facility before setting up a new unit in the other parts of the country,” Mahtani added.
Epic Group incorporated in 1971, is one of the largest manufacturers in the garment industry. It produces 90 million garments every year.
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