Swiss Military to invest Rs 56.5 cr on new manufacturing unit in Haryana

New Delhi: Global lifestyle brand Swiss Military on Friday said it will set up its first fully owned manufacturing unit in India in Haryana with an initial investment of Rs 56.5 crore.

The company plans to set up its first fully owned manufacturing unit for luggage and travel gear in Faridabad, Haryana, Swiss Military Consumer Goods Ltd said in a statement.

Spread over 1.21 acres and a built-up area of about 85,000 sq ft, the proposed plant will have a production capacity of 10 lakh pieces per year, it added.

The targeted completion for the manufacturing unit will be within 8 months by Dec 31, 2024 at an initial investment of Rs 56.50 crore, the company said.

"Our own manufacturing capabilities will help establish Swiss Military's commitment to modernisation within the travel gear sector in the Indian market and to shorten go-to-market timelines with new products," Swiss Military Consumer Goods Ltd Managing Director Anuj Sawhney said.

He further said, "It will also significantly bolster our position in the competitive global travel gear market. We trust that this new facility will be a cornerstone in our journey towards sustained growth and leadership in the industry." Sawhney said with domestic and international leisure and business travel bouncing back aggressively, the company has seen very robust growth in the luggage and travel gear segment.

"This new venture by Swiss Military is aligned to our future vision of expansion in India and abroad while being part of their 'Make in India' movement," he added.

A global lifestyle brand with a 30-year legacy, Swiss Military, offers premium and innovative products across 26 countries and has over 3,000 products across various verticals.