Bullish on growth in the retail sector, K Raheja company Inorbit Mall plans to invest around Rs.1,000 crore over the next three years for setting up new centres in the west and south India , a senior company official said.
"We have set a target to open one mall every year. We would be investing around Rs 1,000-crore in next three years for building new malls," the company’s Chief Executive Officer, Kishore Bhatija, told PTI here.
Inorbit, which runs four malls each in Mumbai, Navi Mumbai, Hyderabad and Pune, plans to open three more centres in Bangalore, Baroda and Pune during this period.
"The retail sector is… giving us a huge opportunity to expand our presence in the country. We will be opening one mall in Bangalore this year. We are also looking at setting up more malls in Hyderabad and Mumbai," he said.
Apart from the metros, the company is also targeting Tier II and III cities to expand its footprint in the country.
"We are not limiting ourselves to Tier I cities. We are also looking at expanding our business in Tier II and III cities, as they have larger catchments as compared to Mumbai and other such metros. We have already begun appraising such areas," he said.
On the source of funding for the future projects, he said it would be generated through equity and bank financing.
Source : Economic Times