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| Pantaloon plans to invest Rs 250-cr in 10 new malls: Biyani |
| Press Trust of India / Mumbai Jun 19, 2009, 16:21 IST |
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Kishore Biyani-led Pantaloon Retail India (PRIL) will invest close to Rs 250 crore within the next year-and-half for setting up 10 central malls in the country.
With this, India's largest listed retailer will add another 1.5-1.7 million sq ft to its existing retail space of 14 million sq ft, Future Group founder and Chief Executive Officer Kishore Biyani told PTI.
"There will be 9-10 Central malls in the country within the next 12-18 months. The average cost of setting up a Central is about Rs 25 crore," Biyani said.
"We plan to expand Central further into some of the country's other consumption centres like Ahmedabad, Bangalore, Vizag, Raipur and Jaipur," he added.
The lifestyle retailing mall, which set up shop in Indore earlier this month, will also have a presence in Surat, Thane and Nashik. Besides, South Mumbai will have one Central spread over 1 lakh sq ft at Tardeo, he said.
The supermarket major will fuel the expansion through Rs 367.50 crore it raised through preferential issue of equity shares and warrants last month.
It also plans to raise additional long term funds of up to Rs 1,000 crore in one or more tranches through issuance of securities to various investors.
PRIL will also roll out six Big Bazaar and eight Food Bazaar stores stores by July-end, a company statement said.
"The months of June and July 2009 will witness the opening of about eight Food Bazaar stores, including cut-ins. Six Big Bazaar stores, including cut-in Food Bazaars, are expected to open during the months of June and July," it said.
Besides, in the electronic and home retailing segments, the BSE-listed company will set up six eZone and two HomeTown stores by next month-end.
The company today opened its largest HomeTown store, spanning two lakh sq ft, at Rajarhat in Kolkata.
Biyani is likely to realign PRIL into three separate entities catering to FMCG, retail and fashion, and rechristening the group as Future Markets & Consumer Group, for which shareholders' approval has already been sought.
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