Drawing in possibly the country’s first FDI in the furniture business, Spacewood has got a 26 per cent equity stake from Japan based, Sumitomo Forestry.
Spacewood attracts ‘India’s first FDI’ in furniture industry
Via the coalition, the forestry, housing and timber and building materials trading firm would augment its retail footstep from subsisting 15 stores to about 50 stores.
As a part of this alliance, the furniture firm in alliance with Sumitomo Forestry Crest Co Ltd., a 100 per cent division of Sumitomo Forestry, will establish a novel manufacturing plant for the fabrication of pre-hung doors.
The firm is aiming at intensifying its kitchen items and home furniture biz sections to fabrication of wooden interior as well as building materials.
Mr. Kirit Joshi beginner of Spacewood stated, “I am really satisfied to declare the connection with Sumitomo Forestry. This relationship has brought noteworthy chance of expansion to Spacewood. As far as I know, this is the primary FDI in our business.”
On the other hand, Itaru Ozaki, general manager, Sumitomo Forestry, stated: “We are very eager regarding Indian zone and our affiliation with Spacewood and its originators. Spacewood and Sumitomo Forestry wish to contribute to the progression of housing and augmentation of living situations in India via the opening and acceptance of novel building materials and technology from Japan. India has turned a very significant strategic market for us and we will continue to invest and look for opportunities here.”