Alok Industries Ltd, one of India’s leading textile companies, has planned to set apart its retail division. The so formed new company will attain the nomenclature Alok Retail (India) Ltd. However, the new entity would be a 100 per cent subsidiary of the Rs 2.1 billion Alok Industries.
Alok industries has made a foray into retail through textile chain H&A, which offers a range of products including apparels for both men and women, embroidered fabrics and bed and bath accessories.
The new entity would expand through its existing H&A brand outlets with an initial investment of Rs 1.5 billion. Besides, the company would also enhance its store count to 500 by 2010, up from its current 35 store mark.
Poised by retail boom in the country, the company has also proposed an ambitious target to achieve 10 per cent of its revenues from retail in next three years, making it a Rs 3 billion-plus business.