CIIL to invest Rs 150cr in retail

The Orissa based Crackers India Infrastructure Limited (CIIL) plans to invest about Rs 150 crore in the retail sector by opening at least a dozen shopping malls in Orissa over next one and half years.

The company, with interests in hospitality and real estate sectors earlier, entered into the retail sector last year. It now has four shopping malls in three towns of the state. Its latest outlet under the brand name of "The World" was opened at Berhampur, the southern Orissa city on Saturday.

The other three shopping malls of the company are located at Bhubaneswar and Dhenakanal. “We have planned to open another 12 malls in different towns of the state over next one and half years", said the chairman-cum-managing director of the company, Srinivash Sahoo.

The new malls will come up at Angul, Balasore, Jajapur, Keionjhar, Rourkela, Sambalpur, Jharsuguda and Cuttack.

He said, “The World” is being promoted as a complete family shopping mall, where almost all the items like food, non-food, garment, home appliances and other consumer goods are available. “One can come for shopping and can get all necessary items under one roof", said another officer of the company.

The company has tied up with several branded companies to sell their products, while a team of the firm is travelling across the country to procure non-banded items, Sahoo said.

The company has no immediate plan to manufacture certain items like other retail companies such as like Vishal, Bazar Kolkata, Franklin etc do. "We have no immediate plan to get into manufacturing”, Sahoo said.