Mumbai-based Cheryl's Cosmeceuticals plans to invest 10 crore Indian rupees for new facility in Gujarat, 30 crore Indian rupees to expand skin, hair care product offerings and open skin care centers countrywide
November 4, 2011
– Mumbai-based Cheryl’s Cosmeceuticals Director Oscar Pereira said the company will invest 40 crore Indian rupees (US$8.6 million) on expanding its operations, IBNLive.com reported Oct. 30.
About 10 crore Indian rupees will go to a new facility in Gujarat, and 30 crore Indian rupees will be used to expand Cheryl’s skin and hair care product lines as well as open skin care centers nationwide.
According to Pereira, the new Gujarat unit will help expand its product offerings, which currently nearly includes 200 items. About 8 to 10 new products are expected to be launched per year, Pereira added, according to the article.
The company is also eyeing to enter the nutraceutical market.
Internal accruals and banks loans will be used to fund the projects and the company will consider private equity for the later stages.
Cheryl’s Cosmeceuticals is a pharma-grade skin and hair care cosmetics producer whose products treat conditions like pigmentation, acne, wrinkles, dandruff, hair-loss, hair restoration and thinning and are made with herbal additives and bio-tech ingredients. The company currently has two manufacturing facilities in Vasai, India.
The primary source of this article is IBNLive.com, Noida, India, on Oct. 30, 2011.