Toy manufacturer Funskool India, part of tyre major MRF Group, has taken up expansion at its manufacturing facilities in Tamil Nadu to make India a global hub for toy manufacturing. The expansion work at its premises in Ranipet, would effectively double the manufacturing capacities. The upgraded facilities in both Unit 1 and 2 of the manufacturing facilities represent a substantial investment in Funskool's production capabilities, a company statement here said on Wednesday. "Funskool India has experienced remarkable growth over the years. With this expansion, we solidify our position as a leader in India's toy industry and move closer to our goal of transforming India into a global hub for toy manufacturing" Funskool India Ltd Chairman Arun Mammen said after inaugurating the upgraded facilities. Besides the two units at Ranipet, Funskool India has 1.62 lakh sq ft of manufacturing space at its first plant in Goa. "Our commitment to the Make in India initiative is stronger than ever
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Funskool, a toy manufacturing company and part of MRF LKd, is looking at expanding its presence to the Latin American and the erstwhile USSR market to increase its exports. The company, which is expected to clock in a revenue of Rs 220 crore this year, is also looking at acquisitions in the international market with the help of KPMG. At present, around 20 per cent of its business is from exports and going forward, it is looking at a 50 per cent growth in exports during a year. It is currently exporting toys to Europe, UK, US and Australia. "We are looking at entering into Latin American countries and many of the erstwhile USSR countries. In USSR region we have already started our work by appointing a distributor and will start exports soon," said K John Baby, chief executive officer, Funskool (India) Ltd. Indonesia, Vietnam, Thailand and many of the African countries are less penetrated, but the market is not big. Thailand is estimated as one of the largest market, but it is close to .