Siri Mahamart Trading Private Ltd, the promoters of Magna retail chain, is geared to set up shopping malls in Maharashtra, Orissa, Karnataka and Tamil Nadu in the next two years. The company is proposing a capex of Rs 400 crore with a focus on entering tier II and III cities across these states.
“We have already invested Rs 80 crore for the initial phase. Recently, we launched our pilot store at Nanded in Marathwada region (Maharashtra). We will enter other cities like Latur, Aurangabad, Solapur and Nagpur in the near future,” a company spokesperson told Indiaretailing.com.
The company has outlined plans to hit the capital market after 2-3 years, after which it hopes to arrive at a whopping turnover of about Rs 1,000-1,500 crore. Last year, it registered a turnover of Rs 70 crore.
The company, which has retailing space of three lakh square feet in Andhra Pradesh, is hoping to add five lakh square feet by the year-end. “We will invest Rs 80 crore to open stores in all the district headquarters and municipal towns. We will open 60 more stores in the state in the next few months,” the spokesperson added.
Promoters of Siri Mahamart were the founders of Trinethra Super Retail, which was subsequently acquired by Aditya Birla group.
– Bangalore Bureau