Amway India to set up Rs 500-cr plant in Tamil Nadu
Chennai: Direct selling FMCG company Amway India on Saturday said it is setting up an over Rs 500-crore greenfield manufacturing facility at Nilakottai in southern Tamil Nadu.
Land had been acquired for the project and is expected to be launched by 'mid-2015' at Nilakottai in Dindigul district, and a memorandum of understanding has been signed with the state government. The company is awaiting the single-window clearance for the project.
The company has invested over Rs 500 crore on the project, Amway India Managing Director and CEO William Scott Pinckney said here.
Speaking to reporters here during the launch of the company's new health range products for women, he said Amway is targeting a "net sales revenue of USD 1 billion in India by 2020".
"It (the unit) is about capacity enhancement to cater to the USD 1 billion market by 2020 and it will make health and beauty products," he said.
In 2012, Amway India clocked a turnover of Rs 2,288 crore, the company said.
It announced the launch of three products under its flagship 'Nutrilite' category. Nutrilite Hair, Skin and Nails, Nutrilite Tri-Iron and Folic and Nutrilite Black Cohosh and Soy, aimed at different health segments ranging from haircare to "overall well-being" of women during menopause, the company said.
These will be available to consumers by this month end or beginning of March, it added.