Namdhari Seeds seeks equity partner

Bangalore-based seed producer Namdhari Seeds today said it is looking for an equity partner to fund its Rs 40 crore expansion plan for its fruit and vegetables retail venture.

The seed manufacturer has already diversified into the retail business with opening of 12 outlets in Bangalore and two in Delhi under a separate company "" Namdhari Fresh.

"We are planning to open 30 stores that include two more in Delhi by December 2007," Uday Singh, Chairman and Managing Director of Namdhari Fresh, said on the sidelines of a function to launch a national level seed association.

The company was scouting for an equity partner to fund its expansion plan, in which it would invest an additional Rs 40 crore, he said, adding about Rs 30 crore has already been invested in the retail venture.

On an average, one retail store needs an investment of nearly Rs 70 lakh depending on location, he said, adding, "one good store will have a turnover of about Rs 25 lakh a month."

"Except one store which is a franchisee'', other outlets are owned by us," Singh said.