The MobileStore, which is being promoted by The Essar Group, has announced the signing of an agreement for the acquisition of Impact Retail Private Ltd.’s consumer durables and IT (CDIT) operations which runs under the brand name X-Cite.
With the completion of this acquisition, TMS would offer end to end CDIT products and services to Indian consumers. TMS will take over all the seven stores of X-Cite – spanning 95,000 square feet of retail space covering key cities like Delhi, Gurgaon, Bangalore, Hyderabad, Pune & Ahmedabad.
Now, the TMS is looking at leveraging its existing scale of operations that spans 1300 stores across 200 cities to tap the CDIT market potential. TMS’s strategy is to penetrate the CDIT market on 4 key legs: providing a superior in-store customer service, offering differentiated service products, better consumer offers and leveraging existing customer base.
Commenting on the initiative, Rajiv Agarwal, CEO and director, The MobileStore, said, “This acquisition represents a major milestone in our journey. Our intention is to quickly jump start and launch the retail venture into the consumer durable & IT business and provide a more comprehensive offering to our customers. Further we wanted a player who has a good understanding of the CDIT business and X-Cite has emerged as a serious player. Our plan is to continue the business from the current 7 stores and plug in gaps in key markets like Mumbai, Kolkata and Chennai.”
X-Cite, a franchisee of Kuwait-based Alghanim Industries, became operational in 2008 in India, and was promoted by Tony Jashanmal.
— IndiaRetailing Bureau