Century Plyboards to invest Rs 100 crore in furniture retail business

NEW DELHI: Century Plyboards today said it has made a foray into the readymade furniture retail business and plans to invest Rs 100 crore in setting up of 111 outlets in the next five years.

The company has launched Nesta Furniture, a chain of complete home lifestyle solutions for Indian customers, Century Plyboards (I) Ltd said in a statement.

"Nesta envisages creation of 3.5 million square feet of retail space with 111 outlets in the next five years with a projected turnover of Rs 500 crore with an initial investment of Rs 100 crore," it added.

Speaking about the development Century Plyboards Chairman Sajjan Bhajanka said the company's latest venture in the readymade furniture retail business is a move up the value chain and a natural progression in the wood products category.

"We are keen to leverage the company's experience and strengths in retailing the finished end product. Centuryply will have flagship stores in key markets and also adopt franchise model to tap other markets," Bhajanka added.