Magazines Archives - 2008 February
Aditya Birla Retail plans to open up to 500 stores
ADITYA BIRLA RETAIL LTD, the retail subsidiary of one of Indias pioneering multinational companies Aditya Birla Group, has revealed that the group will open over 150 stores by next month, bringing the groups total number of stores to 500.
Sumant Sinha, CEO of Aditya Birla Retail Ltd, told local media that the groups expansion
was due to burgeoning organised retail market in India. The retail market in southern India is
more organised, [though] the other parts of the country are fast catching up. We will continue
to focus on this region for growth, he added.
Sinha also revealed that, over the next five years, the company will invest about Rs10,000
crore (US$2.5 billion) to open up to 1,500 supermarkets as well as between 50 and 100
hypermarkets. In addition, the group will be rebranding over 170 Fabmall supermarkets,
which it recently acquired from Trinethra Superretail Ltd, to More. The group stated that
by this fiscal year-end, it would also explore other retail formats, such as home and consumer
products, discount stores, footwear, books, music and jewellery.
Our investment plans can vary as we move forward. The capital we have earmarked for
expansion can go up or down depending on the market reaction to us. We do not intend to
acquire any other company, Sinha added.