VIP Apparel Sells Factory Umbergaon Raises Rs. 10 crores | Popgen Tech

Leading intimate apparel company VIP Clothing Ltd. sold its Umbergaon factory to raise Rs. 10 crore (US$1.2 million).

Production will now be centrally located from the company’s Thingalur factory, which will run faster with modern equipment and 4x production capacity with skilled manpower.

In a statement, Kapil Patar, the company’s director, said: “We realized that this asset was idle and underutilized, and selling it could help us get a significant amount that can then be put to better use in our business.”

The company will use this amount to fuel its growth plans in the Indian market and aims to expand the business through investments in manufacturing, technology, innovation and marketing.

In the next three years, the company plans to overcome the limit of 100 stores due to the franchise and exclusive model of the brand.