Suashish to invest Rs1.5 bn at SEEPZ jewellery plant

June 23, 2008 (India)

Suashish Diamonds Ltd is planning to invest about Rs. 150 Crores in setting up a new state-of-the-art manufacturing facility at Mumbai’s Santacruz Electronic Export Processing Zone (SEEPZ). The investments will be made through the company’s wholly owned subsidiary Suashish Jewellery Ltd.

Out of this the Rs. 82 Crores is being invested in the first phase in setting up a 16,000 sq.ft. manufacturing facility. This facility will become operational in August 2008.

It will add an estimated 500,000 jewellery pieces of capacity to Suashish Diamonds’ already existing annual capacity over 10,00,000 pieces of jewellery.

“The first phase of the facility is expected to achieve Turn Over of Rs.180 Crores in a full year of operation. We are looking at investing the remaining Rs. 68 Crores in second phase in next 2 years.

Once the full resources are committed, and both the phases become operational, we expect the SEEPZ operation to achieve Turn Over Rs. 400 Crores annually,” Mr. Ashish Goenka, Managing Director of Suashish Diamonds said.

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