Siyaram to invest up to Rs 80 cr to expand retail footprint | business | Hindustan Times
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Siyaram to invest up to Rs 80 cr to expand retail footprint

business Updated: Jul 16, 2009 16:46 IST
PTI
Mumbai

Textile giant Siyaram Silk Mills plans to invest Rs 60-80 crore in the next three years to roll out 200 stores in India and the Middle East as well as grow its fabric business in the global market.

The BSE-listed company plans to open 115 outlets of J Hampstead, Oxembourg, Siyaram MSD and its flagship brand Fabric to Fashion (F2f) by 2012, Siyaram Silk Mills' Vice Chairman and Managing Director, Ramesh Poddar said.

"We currently have 85 stores across India and four in the Middle East. We plan to invest Rs 60-80 crore in the next three years to have a total of 200 stores. These will be a mix of company-owned and franchisee stores," Poddar told PTI here.

The company would focus on Maharashtra and Andhra Pradesh this fiscal, but would also expand its footprint in Rajasthan, Uttar Pradesh and Madhya Pradesh where it is already present.

The funding would mostly be through internal accruals coupled with a small amount of borrowing, he said.

The company is looking to expand in Qatar and the United Arab Emirates, where it already has a presence through four Siyaram MSD outlets, Poddar said.

The company has earmarked an investment of Rs 10-15 crore in FY 10, which will be expended in upgrading its manufacturing units at Daman, Silvassa and Tarapur.