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business | IST

Sleepwell-owner Sheela Foam sets up subsidiary, can clock revenues worth Rs 1,000 crore in 3 years

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Sheela Foam have registered a fresh wholly owned subsidiary - International Comfort Technologies (ICTPL) to carry those plans out. To discuss this and FY22 business outlook, CNBC-TV18 spoke to the company's MD Rahul Gautam.

Sheela Foam, a leading manufacturer of mattresses and owner of Sleepwell Mattresses, has registered a fresh wholly-owned subsidiary -- International Comfort Technologies Ltd (ICTPL) to carry out capital expenditure plans. To discuss this and FY22 business outlook, CNBC-TV18 spoke to the company's MD Rahul Gautam.
Talking about the company's expansion plans Gautam said we have set up a subsidiary because "it is sane business, but a little different as far as the culture needed to support it."
"The distribution needed to support it required reaching out to the nooks and corners (of the market), that is the reason we didn’t want to disturb the existing structure," he said.
ICTPL will focus on polyurethane foams, but they are a little different, Gautam said. "Here the philosophy will be more on mass production and mass distribution," he added. The subsidiary is already on the way and everything is getting ready. We should be start manufacturing by September-October of next year, he told CNBC-TV18.
Gautam said in about three years, the company should clock revenues to the tune of Rs 1,000 crore. On funding this capex, he said, “The part of it the parent company would be putting in and we will be raising some debt. We will not be tapping the equity markets.”
The shares of Sheela Foam were trading half a percent lower at Rs 2,349 on BSE. For latest stock market updates, click here
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