Magazines Archives - 2007 January

Siri Mahamart uncovers Rs1 billion retail plan
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INDIA’S Siri Mahamart will invest Rs1 billion (US$22.5 million) on a retail roll-out, reported local media, citing owner Anjanevulu Kakkera.

Anjanevulu, who promoted and sold the Trinethra chain of supermarkets, said the newly-floated Siri Mahamart Trading has already invested some Rs500 million in 19 stores trading under the brand name ‘Magna’. Of these, six are hypermarkets and the rest supermarkets. The stores are part of a larger plan to roll out as many as 40 hypermarkets and supermarkets across the southern Indian state of Andhra Pradesh over the next six to 12 months, he said.

The company has forecast a turnover of Rs1.2 billion for the current financial year.