Sri Lankan group MAS Holdings to expand India operations

The $2-bn conglomerate has interests in fashion and intimate wear, operates in India through its subsidiary

Sri Lanka-based MAS Holdings, a two-billion-dollar conglomerate with business interests in fashion and intimate wear, is bullish about the Indian market, in which it is exploring suitable investment opportunities.

Talking to Business Standard in Lucknow, MAS Holdings managing director and co-founder Ajay Amalean said there was huge untapped potential in India and the company was looking at emerging opportunities to take the final investment call.

MAS Holdings operates its India operations through its subsidiary, MAS Brands India, Bangalore. The company owns the flagship women intimate wear label Amanté, while it also supplies finished products to a number of international marquee clothing and sports brands, including Nike.

Amalean noted the business environment in India was progressively getting positive and exciting and that the company was willing to partake in the country’s growth journey.

However, he added the company was yet to zero-in on the place to set up its new unit, which would be decided after due diligence and discussions within the Group.

The bulk of MAS products are manufactured at its plants in Sri Lanka. It has operates three manufacturing units in Southern India, MAS Brands India CEO Vivek Mehta informed.

In India, Amanté is amongst the top three premium brands in its category, he said. The label is retailed at about 1,200 stores in the country, including exclusive outlets.

Over the next five  years, the company plans to expand the number of Amanté exclusive stores to 100 across 20-25 top Indian cities. It currently has presence in Mumbai, Noida, Bengaluru, Jaipur and Lucknow.

MAS Brands clocks a turnover of about Rs 150 crore in India. It has a presence in Pakistan as well. It is now in the process of expanding to Maldives, the Gulf, apart from Thailand and Malaysia, Mehta said.