Lenskart signs MoU to set up new manufacturing plant in Telangana; will invest Rs 1,500 crore

The Gurgaon-based eyewear firm has signed a memorandum of understanding with the Telangana authorities to ascertain the ability at Fab Metropolis, in keeping with a submit by the state IT and industries and commerce minister Duddilla Sridhar Babu on X on Monday.

“The power will produce eyewear, lenses, sun shades, in addition to equipment and different merchandise catering to India, together with exports to different markets in Southeast Asia and the Center East,” he mentioned, including that the plant is anticipated to create round 2,100 jobs.

Lenskart founder and chief government Peyush Bansal had said in an interview earlier that the corporate would make investments $200 million in its new manufacturing facility in southern India.

The plant will likely be ten occasions bigger than the corporate’s present manufacturing facility in Rajasthan.

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Based on Bansal, the corporate’s native manufacturing serves because the spine for its on-line operations in India whereas additionally supporting the sale of merchandise in markets throughout Southeast Asia.

Native manufacturing has additionally enabled Lenskart to make sure subsequent day supply to eight Indian cities, up from five-six cities just a few years in the past.

The brand new plant will assist improve the corporate’s place as a world eyewear maker, facilitating exports to markets together with Japan, Southeast Asia and West Asia.

Based in 2010, the Temasek and SoftBank-backed firm has greater than 2,500 retail shops throughout India, and it plans so as to add 400 shops this 12 months.

In 2023-24, the corporate’s net loss narrowed to Rs 10 crore from Rs 64 crore the year before, boosted by a major enchancment in its operational efficiency. Its working income elevated 43% year-on-year to Rs 5,428 crore.

On October 4, ET reported that for this monetary 12 months, Lenskart had hit an annual income run price of $1 billion (about Rs 8,400 crore).