| Milton Global director Madhup Vaghani in Calcutta on Wednesday. Picture by Kishor Roy Chowdhury
Calcutta, Nov. 27: Thermoware manufacturer Milton Global is planning a public issue as and when the market looks up.
The move is aimed at mopping up funds to part-finance its future expansion programme.
Speaking to The Telegraph, director Madhup Vaghani said the company currently holds 50 per cent of the thermoware market and plans are afoot to increase it further.
“Within the next five years we expect a nine-fold increase in turnover. And to reach such a mammoth target, we need to expand our capacity and strengthen our marketing network,” Vaghani said.
Milton is expecting a turnover of Rs 225 crore during the current fiscal. Of this, around 20 per cent is expected from exports.
“We are already exporting to 40 different countries. We hope to achieve higher export earnings in future since our products have great demand in West Asia and African countries,” Vaghani said.
Vaghani also pointed out that the company might take the private placement route to garner funds for future investment.
“Although we have not yet discussed the matter with any interested party, the instrument can always be discussed and finalised,” he said.
The company already has a technological tieup with German major IPV that provides know-how for its softline series of thermoware.
IPV also has a buyback arrangement with Milton through which 35 per cent of softline products are exported.
Milton, which has a 500 plus product range, has recently diversified into glassware.
“We are importing the glassware range from countries like Brazil, Mexico and Indonesia. The imported glassware, sold under brand name Treo, is now being offered at an Indian price,” he said.
The company is optimistic about getting at least 15 per cent market share in glassware soon.
The company also plans to enter the crystalware segment once the trend catches up in the country.