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| Alok Retail in talks with PE firms to raise Rs 100 cr |
| Press Trust of India / Mumbai Sep 17, 2009, 16:55 IST |
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Alok Retail India, a 100 per cent subsidiary of Alok Industries, is planning a major expansion and is in talks with private equity firms to raise Rs 100-crore.
"We are in talks with some PE firms and intend to raise Rs 100-crore soon. We will also be diluting some stake," Alok Retail's Director Varun S Jiwrajka told reporters here today.
The company's retail chain, H&A, will expand its network by 250 more stores by this year-end, he said. At present, there are 120 stores of H&A across the country.
"We are targetting to add 250-275 stores, mostly on a franchise basis by December this year. We are planning to add 25 properties every month," Jiwrajka said.
The company is also planning to enter Kashmir in the north as well as the eastern states, he said.
"We are planning to open 1,000 stores in the country in the next three-years," he said, adding that India has a huge demand for apparels.
H&A is expecting to garner a turnover of Rs 500-crore in the next three-years from its retail operations alone.
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