Textile firm Arvind Mills to invest Rs 400 crore to expand its retail business in the next four years, to reach the target to billion-dollar Mark Company.
With value retail market in India worth about Rs 11,000 crore and was estimated to grow at the rate 30-40 per cent, the company is targeting a turnover of Rs 2,000 crore by 20-12 in the retail sector.
The company would be investing Rs 300 crore in large format retail centers and Rs 100 crore in small stores, by opening 30 large retail centers (Megamart outlet) and 200 small format stores (Magamart) across 100 cities in the country by 2012. Rs 8-10 crore would be invested in each outlet and the funding would be through the companys internal accruals. The company which already has 75 stores across the country would set up 8 outlet centers and 125 small format stores by the end next financial year.