Hindustan Foods Limited Ventures into Sports Shoe Manufacturing

Hindustan Foods Limited, a leading player in the Fast-Moving Consumer Goods (FMCG) sector, has unveiled plans to invest up to Rs 100 crore in the establishment, acquisition, and development of sports shoe manufacturing capabilities. This strategic move represents a substantial investment in India's flourishing sports shoe market.

The company stated, "The Indian sports shoes market has witnessed remarkable growth in recent years, driven by increasing consumer awareness about fitness and sports, along with a surge in demand for comfortable and fashionable sports footwear. The sector has gained momentum as more Indians embrace an active and health-conscious lifestyle."

This financial commitment underscores Hindustan Foods Limited's dedication to becoming a significant player in the sports shoe manufacturing sector and contributing to the 'Make in India' initiative.

In a significant first step, the company has entered into a sales and purchase agreement (SPA) to acquire 100 per cent of the shareholding of KNS Shoetech Private Limited from its existing shareholder. KNS Shoetech, based in Kundli, Haryana, currently manufactures a comprehensive range of sports shoes and sneakers.

Managing Director of Hindustan Foods Limited, Sameer Kothari, expressed confidence in the Indian government's policies aimed at promoting sports shoe manufacturing. He stated, "The acquisition of KNS Shoetech allows us to start our journey in this industry and we are looking forward to strengthening our position in the future by additional capex and expansion."