Indian Economy News

Studds commissions 2 new facilities in Haryana; invests Rs 200 crore in plants

  • IBEF
  • August 11, 2020

Studds Accessories, a leading helmet manufacturing company, commissioned two new facilities at Faridabad in Haryana entailing total investment of Rs 200 crore (US$ 28.37 million). The company made an initial investment of around Rs 160 crore (US$ 22.70 million) to set up the largest helmet manufacturing facility in Asia, Studds Accessories said in a statement.

The plant is spread across an area of over 5.5 acres and will also produce bicycle helmets for domestic market besides motorcycle helmets, including the Shifter and Thunder series.

It has also commenced operations at another production unit which has in-house production line for expanded polystyrene (EPS), which is the most important safety feature in a helmet.

The second plant is spread across 1.5 acres and investment of Rs 40 crore (US$ 5.67 million) has been made, marking a total investment of over Rs 200 crore (US$ 28.37 million) in the manufacturing plants, Studds said.

"With the goal of expanding our production efficiency, our new plants would provide employment prospects for local citizens as well as add to the overall economic growth," Studds Accessories Ltd Managing Director Mr Sidhartha Bhushan Khurana said.

He added that the new plants will have production capacity of 75 lakh units of motorcycle helmets and 15 lakh bicycle helmets per annum.

The facilities will ensure direct employment for over 1,500 individuals, Mr Khurana said.

"Currently, we have just begun operations and are planning to ramp up production gradually. With the commencement of our new plants, we have doubled our production capacity from 7 million to 14 million units of motorcycle helmets," he added.

With these new manufacturing units, Studds now has four manufacturing factories in the country, all of them located in Faridabad, Haryana.

Export of helmets by the company is been done to more than 40 countries and the new plant is aimed at ramping up the exports.

Studds also plans to introduce a new range of exciting helmets in this financial year, it said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.