Gitanjali Group eyes Rs 10K cr turnover in two years

Gitanjali Group today said its topline is likely to cross Rs 10,000 crore in the next two years buoyed by a 50 per cent increase in retail space to 15 lakh sq ft in the country.

"Retail is our focus. We are expanding retail presence to 15 lakh sq ft area in India by next year. This will help us to reach our Rs 10,000 crore revenue target in the next two years from Rs 6,000 crore now," Gitanjali Group Chairman and Managing Director Mehul Choksi told PTI.

Apart from diamonds and gold jewellery, the Group has presence in areas like retail and lifestyle and infrastructure, under which it plans to build seven Special Economic Zones.

It targets Rs 500 crore revenue from the apparel business in next two years. The retail arm of the Group had acquired mobile retail chain, MobileNext, in July last year.

The group has around 3,000 retail outlets in India on a total area of 10 lakh sq ft. Outside India, it has 170 outlets spread over 2.5 lakh sq ft area.

Shifting focus from the wholesale business to concentrate more on the retail segment, Gitanjali Group has chalked out a target of generating 80 per cent of revenue from retail sales in the next three years. Wholesale and retail now contribute evenly to the Group's topline.