The Hindu : Business : Vishal Retail taps market

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Tuesday, Jun 12, 2007
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Business

Vishal Retail taps market

Special Correspondent

NEW DELHI: Vishal Retail, owners of retail chain Vishal Mega Mart, on Monday unfolded its expansion plans to set up 32 more retail stores, many of them in the South, besides doubling production capacity to about 10,000 cloth pieces a day by this year-end following the commissioning of its new and second manufacturing plant at Dehradun soon. The company is investing Rs. 3 crore in the plant.

Price band

"We are setting up our second manufacturing plant in Dehradun with a capacity of 4,000-5,000 cloth pieces a day," Vishal Retail Chairman and Managing Director R. C. Agarwal said while announcing the company's entry on Monday into the capital market to raise Rs. 110 crore through the initial public offering (IPO) with a price band of Rs. 230-270.

Vishal Retail also plans to expand its range of offerings, mainly by adding new products in the fast moving consumer goods (FMCG) segment and is exploring tie-ups for the purpose.

Even when it was planning to launch its own mineral water, toothbrushes and hair and body products, many new products would be sourced from other manufacturers and sold under their own brand name, Mr. Agarwal said.

Ritesh Rathi, Chief Operating Officer, said the Dehradun plant was in final stages of completion and would start production by next month after getting some mandatory regulatory approvals. At present, the company had a manufacturing unit at Gurgaon with a capacity of 5,000 cloth pieces a day, he said.

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