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Welspun sets apart retail business into separate co
 
Welspun sets apart retail business into separate co
The Rs 482 -crore Welspun India, part of the Rs 2,000 crore Welspun Group ,has decided to hive off its domestic retail business into a separate group company.The retail company will be called Welspun Retail and the parent company will continue to have a major share holding in the new outfit.The new company will focus on two branded retail formats -Spaces,aimed at high-end home furnishings, and the new format called Home Club, which will offer home improvement products at discounted prices.The company will come into existence in January next year.Anshuman SINGH, ceo ,Welspun Retail ,told that the hive-off of the retail business is aimed at giving a clear-cut focus on retailing in India.Mr Singh said"Welspun Indias basic operations is exports and domestic retail was a very small chunk earlier.But now, the domestic retail business has acquired sufficient size to merit a dedicated focus."said Me Singh.Welspun Retail already has around 100,000 square feet of retail space across 58 stores in 31 Indian cities.Mr Singh said that, an IPO could be a possibility in the future ,although there was no immediate plans in the offing.Mr Singh averred said " The parent company will continue to have a majority shareholding and the expansion for now will be funded through internal accruals.
Posted On : 12/19/2005 1:42:07 PM

 
 
 
Welspun sets apart retail business into separate co