Damro plans Singapore listing to partly fund US $ 180 mn Indian expansion

By Supun Dias
Damro Group, South Asia’s largest furniture manufacturer and Sri Lanka’s number one furniture retail network said it was seeking to list part of its business in the Singapore Stock Exchange to partly fund a US $ 180 million (INR 12, 000 million) investment it is planning to make in Indian furniture retail trade. 
To this end, Damro plans to bring all its local export-oriented companies and companies incorporated in India under a single mother company listed in Singapore.

“In the future, it is expected to bring Damro export-oriented local companies and companies incorporated in India under a single mother company listed in the Singapore Stock Market,” a Damro statement said. 

Damro is the only company apart from IKEA which has been granted the approval as foreign companies in the Indian furniture industry to expand. Damro currently has 60 showrooms in India. The group is planning to introduce mega showrooms in all major Indian cities. Similar mega showrooms have been recently launched in Sri Lanka as well. 

At present, Damro exports over 1000 of 40 feet containers to India per annum and hopes to increase the market potential to export over 10,000 of 40 feet containers as a result of the investment. 
Currently, the group is on an expansion drive in Sri Lanka as well. Since its inception in 1986, the furniture retailer now has over 150