New Delhi: Hong Kong-headquartered, garment manufacturing multinational conglomerate, Epic Group, has entered the Indian market and will invest $20 million to set up its first manufacturing unit in Ranchi in the state of Jharkhand. Talking to ETRetail, Ranjan Mahtani, chairman and Group CEO, said the investment will be done in the initial two years to set up the manufacturing facility, machinery and training the workforce.
The manufacturing unit in Ranchi is equivalent to the smallest factory of the company in Bangladesh, the biggest manufacturing hub for the Epic Group, the chairman said.
“The Group intends to set up a greenfield garment unit in India with around 40 lines at an investment of up to USD 20 million. The potential direct employment will be upwards of 4000 people with indirect employment potential upwards of around 20000 people. Ranchi in Jharkhand looks most promising as a potential location and we look forward to starting our association with the state,” said Mahtani.
The company has initial plans to produce 15 million units of garments in the Ranchi unit. The group’s clients include big retailers like Walmart, JC Penney, Kohl’s, Levi’s, Uniqlo, H&M, Tesco, Sainsbury’s to name a few.
According to Mahtani, in the next 24 months, they should be doing decent business in the country.
“First 12 months will go in setting up the unit and intensive workforce training. If everything goes according to plan we will increase the scale of our Ranchi facility before setting up a new unit in the other parts of the country.”
Mahtani is confident that in the next 10 years, his company can generate 20,000 direct employment in India.
The company currently has manufacturing units in Bangladesh, Vietnam, Ethiopia, and Jordan. 70 percent of the company’s revenue comes from the US market while the remaining comes from markets in Europe, Japan, China, and others. The company currently ships its products to 47 countries.
Epic Group incorporated in 1971, is one of the largest manufacturers in the garment industry. It has 16 factories in Bangladesh, Vietnam, Jordan and Ethiopia, and design offices in Hong Kong and the United States. Epic Group currently has 25,000 employees, manufacturing about 90 million garments per annum, and has offices across key trade centers in Asia, Europe, and the United States.