Vishal Retail is planning to enter real estate sector. Confirming this development Manmohan Aggarwal, CEO, Corporate Affairs, Vishal Retail told Business Standard that the new venture would be launched either in the second half of the current year or early next year.
He revealed that company is also planning to acquire 1 crore sq ft area in next three years which would partly be used for expanding the retail businesses and rest for real estate purposes.
The project is in formulation stage and would take time before it is launched. Meanwhile, Vishal Retail today also announced opening of its 92nd retail store at Pinjore today.
The company aims to open 100 stores in the FY07-08 with new stores in Chandigarh, Mohali and Manimajra.
Having achieved a growth of 100 per cent in the current financial year, Bajaj said that Vishal Retail was looking forward to acquire 25 lakh sq ft area by December 2008 to expand its retail chains. The Vishal Retail at present has 20 lakh sq ft areas in which it operates its different retail operations. The retail operations are spread in 62 cities across India. At present it has 90 hypermarkets and 3 Fashion Marts.
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Vishal Retail Ltd has announced that the Company has opened two new Showrooms in New Delhi and in Gurdaspur, Punjab.
The showrooms are located at:
1. GF, E-6, Prashant Vihar, New Delhi spreading across an area of 2,357 Sq. Ft. (Approx) on January 19, 2008.
2. Plot no, 9, Shastri Nagar, Batala, Gurdaspur, Punjab popularly known as Shoppers Paradise spreading across an area of 17,000 Sq. Ft. (Approx) on January 20, 2008.
New-Delhi based Vishal Retail, which runs a chain of specialty stores and hypermarkets in the country, plans to raise around Rs 200 crore through preferential issue of shares in the next 2-3 months to fund the company’s expansion plans.
The company has already utilized Rs 100 crore, which it had raised through initial public offer.Vishal Retail, which currently operates over 90 stores across the country, expects to clock a turnover of Rs 1,000 crore in the current fiscal.Further, the company plans to enter real estate sector. The new venture is expected to be launched either in the second half of the current year or early next year. It also plans to set up a private equity fund.