The Hindu Business Line : Vishal Mega Mart inks pact with SBI for co-branded card

``SBI Vishal Mega Mart Card is one of the best co-branded credit card that offers reward points and other benefits to frequent shoppers and would be free for those who spend above Rs 7,500 per annum,'' SBI Card CEO, Mr Roopam Asthana, said.

``By partnering with the SBI Card, we are not just offering customers a convenient payment mechanism but a unique consumer loyalty programme that rewards them every time they shop,'' Vishal Retail Managing Director, Mr Ram Chandra Agarwal, said.

Some of the features of the co-branded card include Rs 250 discount voucher on signing up for the card and a process by which the cardholder earns five reward points on every Rs 100 spent.

The retail chain has been planning to expand its number of stores.

"We intend to open around 40 stores by the next year," Mr Agarwal said. The company is also planning an initial public offer to raise Rs 125 to Rs 150 crore.

Mr Agarwal said, "The company has appointed merchant banker Enam Financial Services to advise it on the proposed issue that is due in four to six months."

The retail store has posted a turnover of Rs 150 crore in 2004-05 and expects the figure to cross Rs 300 crore in 2005-06.

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