Vishwas Business plans 500 outlets by March '09

Hyderabad-based Vishwas Business Synergies Pvt Ltd (VBSPL), an agri inputs and services retail chain, is planning to have around 500 outlets by FY09 from the present 310. The company also expects its business turnover to touch Rs 300 crore by the same period.

Currently, VBSPL outlets are spread over three states "" 270 in Andhra Pradesh and 20 each in Karnataka and Tamil Nadu.

SN Rao, head -zonal operations, VBSPL, said, "We are planning to open 190 new outlets by the end of 2008-09, which would take the number of our outlets to the 500-mark."

The company entered Maharashtra by opening its first outlet in Nashik. It has lined up major expansion plans for the state, which would see 100 new outlets coming up in two phases by March 2009.

"In the first phase by March 2008, the company will open 35 outlets in Maharashtra, which will be located at Pune, Aurangabad, Nagpur, Akola, Narayangaon and Alephata. The remaining 65 will be opened by March next year," Rao said.

The company registered a growth of 185 per cent to Rs 20 crore in business turnover during FY07, as against Rs 7 crore during FY06. It has set a target of Rs 150 crore for the current financial year, Rao said.

The company has tied up with the National Commodity & Derivatives Exchange Ltd (NCDEX) to provide farmers knowledge on future trading, through its outlets.

It has also has tied up with HDFC Bank and State Bank of Hyderabad for crop loans, and with ICICI Lombard for weather risk cover.