Hypercity plans to open 3-5 malls in FY11

K Raheja Group's Hypercity plans to open three to five malls this fiscal, adding about 14 lakh square feet, a top company official said today.

Hypercity is the hypermarket chain of the K Raheja group, which also owns leading retail player Shopper's Stop.

"Each mall (Hypercity) will be about 65,000 sq ft," Shopper's Stop's Vice-Chairman B S Nagesh told reporters here.

Hypercity also plans to hire up to 1,800 personnel in FY11, he said.
    
"Hypercity's current headcount is 1,200. We plan to add up to 1,800 personnel this fiscal. There would be around 300-500 hires per store," Nagesh said.
    
At present, the combined headcount of Shopper's Stop and Hypercity is 5,000.
    
When asked about the capex for Hypercity this fiscal, Nagesh said that it was Rs 10 crore.
    
The company has obtained in-principle approval for its qualified institutional placement (QIP) of around Rs 300 crore.
    
"We are looking at a time-frame of six to nine months to raise funds through a QIP," Nagesh said.