The Sanjay Lalbhai-led Arvind Brands has opened discussions with private equity players for expanding the network of discount fashion chain Megamart. The company is believed to be raising around Rs 700 to 800 crore for funding the expansions.
Jayesh Shah, CFO, Arvind Brands, said: “We have been receiving proposals from several funds. Though we have huge expansion plans on the anvil, we have no immediate plans to raise funds, as we are meeting capital expenditure requirements from internal accruals.”
Megamart currently operates around 100 outlets in the country and retails various apparel brands including Ruggers, Flying Machine, Ruf ‘n Tuf and Excalibur.