Subhiksha eyes to double turnover in FY09

Food and grocery chain Subhiksha is targetting a turnover of Rs 4,500 crore for the current financial year, a top company official said. The retailer has posted a turnover of Rs 2,305 crore in the previous financial year.

New stores including its mobile phone stores are expected to bring in additional revenues for the retailer. Subhiksha will take the total number of stores to 2,200 from 1,620 now.

The company plans to invest Rs 600 crore to open 150 standalone consumer durables stores, covering an area of 650 million sq ft, by June 2009, said R Subramanian, managing director of Subhiksha.

These stores will be opened in phases and the first set of roll-out is expected by the first quarter of the next year, Subramanian said.

Subhiksha recently acquired Blue Green Construction and Investment, a Chennai-based listed company which will be renamed as Subhiksha India.

Post-merger, Subhiksha’s stake in the company will be 59 per cent. The takeover is expected to be completed by the end of this year, he added.