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Finolex inaugurates its first warehouse in East India at Cuttack
Source: IRIS | 20 Jul, 2015, 05.46PM
Rating: NAN / 5 stars.
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Finolex Industries announced the launch of its first warehouse in the Eastern Region at Cuttack, Orissa. The warehouse is spread over six acres and has the capacity to store 750 to 800 tonnes of pipes and fittings.

The company plans to cater to the states in East India through a hub and spoke model to service the markets of Bihar, Odisha, Chhattisgarh, West Bengal, Assam, Nagaland, Tripura.

Speaking on this, during his visit to Puri for the Nabakalebera festival, P Chhabria, executive chairman, Finolex Industries said, "It gives me great pleasure to renew our commitment to the Eastern sector in the country on the auspicious occasion of Nabakalebara. The opening of this warehouse is an important milestone in our efforts to service this market. We already have a strong portfolio of clients in the region and now we will be able to deliver our services faster and in a cost effective manner."


Finolex Industries which has a strong agri portfolio pan India focuses on the domestic and industrial pipes & fittings’ business in Eastern markets.  The domestic and industrial business accounts for over 80 % of the company’s revenues in this region and is expected to grow at a CAGR of 35 % to 40 % in the next three years.  The focus on the domestic and industrial business is a strategic move by the company that will help it to have a strong order book position right through the year. Agri business gains momentum generally during the pre-monsoon season and the domestic and industrial business gains traction in the post monsoon phase.

Buoyed by the presence of the warehouse, the company is now planning to strengthen its dealer network further. It already has about 100 dealers catering to over 3,000 retailers in East. The network is spread over distant places like Tinsukia in Upper Assam/Jeypore in Odisha, Dimapore in Nagaland and Agartala in Tripura.

Shares of the company declined Rs 2.35, or 0.87%, to settle at Rs 269.10. The total volume of shares traded was 6,018 at the BSE (Monday).

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