Lifestyle brand Swiss Military said it will establish its first fully owned manufacturing unit in India in Haryana with an initial investment of Rs 56.5 crore.

The company plans to set up its first fully owned manufacturing unit for luggage and travel gear in Faridabad, Haryana, Swiss Military Consumer Goods Ltd said in a statement.

Spread over 1.21 acres and a built-up area of about 85,000 sq ft, the proposed plant will have a production capacity of 10 lakh pieces per year, it added.

The targeted completion for the manufacturing unit will be within 8 months by Dec 31, 2024 at an initial investment of Rs 56.50 crore, the company said.

"Our own manufacturing capabilities will help establish Swiss Military's commitment to modernisation within the travel gear sector in the Indian market and to shorten go-to-market timelines with new products," Swiss Military Consumer Goods Ltd Managing Director Anuj Sawhney said.