India“s JIK Industries Ltd. has decided to focus on high-margin crystal ware manufacturing to push future growth. The firm makes lead-free stemware, tumblers and decorative crystal pieces. The move f…
India“s JIK Industries Ltd. has decided to focus on high-margin crystal ware manufacturing to push future growth. The firm makes lead-free stemware, tumblers and decorative crystal pieces. The move follows a difficult period in 2004 when an accident at its chemical waste recycling plant forced JIK to abandon this activity and a fall in net worth meant it could no longer continue its money-changing operation. It is working on a corporate debt-restructuring plan and has converted about INR 300 million of debt into equity. The company sells mostly to volume consumers such as hotels rather than to the retail market. JIK Industries Chairman Mr R.G. Parikh said the company enjoyed an advantage in the Indian market due to the higher cost of imported crystal. The company hopes to leverage its lower costs by exporting to Europe, where many hand-made crystal producers are closing down.