Triveni looking for buyer for retail venture

Triveni Engineering and Industries today said it is looking for a buyer for its retail venture, as it plans to focus on core businesses sugar and turbine.

Triveni had launched its retail venture 'Triveni Khushali Bazaar' in 2005 and has 42 stores across 25 rural and semi-urban locations.

"The retail venture stopped operation almost a couple of months back. We are looking for a buyer for it," company Chairman and Managing Director Dhruv Sawhney told PTI.

Swahney said Triveni would sell out the retail business to lay more focus on the core growth areas of the company.

He, however, did not disclose the amount the company was looking for from the sale, saying, "It's too early."

Triveni Khushali Bazar used to sell agri products and services, consumers products and durables and financial products.

Headquartered in Noida, Triveni Retail, a wholly-owned subsidiary of the parent company, has a total area of 1.25 lakh sq ft of retail space.

Triveni Engineering and Industries is one of the largest sugar makers in India and holds a prominent position in the engineering business comprising steam turbines, high speed gears, gearboxes and water treatment solutions.

The company had recorded 31 per cent growth in sales during the first half of the current year at Rs 1,081 crore against Rs 823 crore in the corresponding period a year ago.

Sugar and engineering, the two growth areas of the firm, had recorded 26 per cent and 40 per cent growth in sales, respectively.