Shoemaker company Relaxo Footwears said that it will acquire a 30-acre land Parcel worth Rs 135 crore in Bhiwadi, Rajasthan.

In a statement Relaxo Footwear said, "The land at Pathredi Industrial Area, which is being acquired through a bidding in an e-auction, is for future manufacturing facilities addressing sustained growth and proactive response to market demands."

"IndusInd Bank, the auctioneer of the land parcel, sent a confirmation letter to Relaxo ascertaining the company as the successful bidder for the land parcel. The acquisition pertains to approximately 30 acres of land parcel and is contingent on obtaining customary statutory approvals," the company said.

The acquisition will be funded through internal accruals post the necessary statutory approvals, it added.

Relaxo Footwear managing director Ramesh Kumar Dua said, "We are confident that this strategic move, which is aligned to the company's long-term objective, will contribute to the continued success and growth of the company."