Financial Daily from THE HINDU group of publications
Sunday, Mar 19, 2006
Financial Daily from THE HINDU group of publications Sunday, Mar 19, 2006 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Leather Farida Group ties up with Austrian co R. Balaji
Chennai , March 18 The Chennai-based Farida Group, a leading exporter of footwear, has tied up with Jaffra of Vienna, Austria, to set up a joint venture for manufacturing shoe components. According to Mr Rafeeque Ahmed, Chairman, Farida Group, the joint venture for which the agreement was signed on Friday will produce insoles in women's shoes, for the high-end brands. Jaffra is a leading supplier for international brands.
High-tech product
The product is a high-tech product, which is not available locally, particularly for high-heeled shoes. Ladies shoes are the next area of growth for shoe exporters who have till now concentrated on men's shoes, he said. Jaffra is a century-old company, which has specialised in manufacturing insoles and sheets for insoles. Apart from Vienna, it has production facilities in the Czech Republic, he said.
Ambur project
The factory coming up at Ambur, in North Arcot district, will have a capacity to produce over 30,000 pairs of insoles a day. The project involves investments of Rs 4 crore with an equity of Rs 1.75 crore. Farida will hold 60 per cent and Jaffra 40 per cent. Ambur is a leading centre for manufacture of leather footwear.
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