Bombay Rayon Fashions Textile (BTPL), the Indian fabric processing company, has added many senior managers to its team and expanded its workforce from 1300 to over 2000 employees within two months of raising private equity funding.
It has hired over 14 people in senior management roles across functions including a chief financial officer (CFO), processing in-charge, heads of various departments (HR, designing & product development, quality assurance, IT, compliance & legal, accounts & finance and taxation) and senior managers (in sourcing, sales, marketing & merchandising), among others. In addition to the new hiring, the Company has also introduced new employee-focused initiatives including safety training, employee insurance assistance and an HR helpdesk to resolve employee queries.
Currently, the Company is on the lookout for a chief operating officer (CPO), who could complement the seniormost management in achieving its ambitious financial targets, while handling the overall management of the plant.
The Company aims to reach its annual processing capacity of 144 million meters (400,000 meters per day) in due course. Recently, BTPL completed an INR 2.4 Bn equity infusion from a consortium of marquee financial investors, led by JM Financial India Fund II, Think Investments (a San Francisco-based investment firm) and others.
Prashant Agarwal, managing director, BTPL, said, the Company will “continue to further invest in people to ensure that its state-of-the-art plant is efficiently run and reaches its optimum processing capacity.”
Ganesh Ghuge, head – HR, BTPL, said that the Company is “confident that these new inclusions will diversify perspectives, bring in greater creativity, and build towards the goal of becoming one of the leading fabric processing houses in the country.”
The distribution network of BTPL is spread across its own exclusive brand outlets (EBOs), over 100 distributors and over 8000 retailers. Last year, it was formed as a separate entity as part of a restructuring process undertaken by Bombay Rayon Fashions Limited, in which it hived-off its yarn dyeing & fabric processing units, in Tarapur, into BTPL by way of a slump sale on a going concern basis. The Company’s brands, including Bombay Rayon, BRFL, Linen Vogue, Giza Classe, Dickens & Browne and others, were also a part of the transaction.