Confirming this to the media, Lalit Agrawal, managing director, VMart, said: “Presently we have stores across northern and western India, and plan to spend about Rs 500 million to add around 46 stores by March 2009. Ultimately, we needed the money and a big brother to guide us into the future.”
Aditya Birla spokeswoman Pragnya Ram informed, “The investment was done through one of our private investment firms.”
The diversified Aditya Birla group operates about 270 stores in two retail chains: the South India-based Trinethra, which it acquired in 2006, and More, which it launched in 2007.
Bharat Banka, CEO of Aditya Birla Capital, the private equity arm of the Aditya Birla Group, will join the V Mart board.
V Mart operates a chain of mid-size hypermarket value retail stores ranging from 6,000 square feet to 12,000 square feet. The company has recently launched V Galz stores, a fashion studio for ladies garments and accessories.