Confirming this development, a company spokesperson told Indiaretailing that that the new venture will be launched either in the second half of the current year or early next year.
Manmohan Aggarwal, CEO, corporate affairs, Vishal Retail, in an issued statement said, “The company is planning to acquire one crore square feet area in next three years which will partly be used for expanding the retail businesses and rest for real estate purposes.”
According to the spokesperson, the project is in formulation stage and would take time before it is launched. Meanwhile, Friday, Vishal Retail announced opening of its 92nd retail store at Pinjore, Haryana.
The company aims to open 100 stores in the FY07-08 with new stores in Chandigarh, Mohali and Manimajra.
The retail operations of the company are spread in 62 cities across India.