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K.V. Kurmanath

Hyderabad May 17 Siri Mahamart Trading Private Ltd, which promotes Magna retail chain that includes hypermarkets, has set its eyes on Maharashtra, Orissa, Karnataka and Tamil Nadu.

The company is proposing a capex of Rs 400 crore in the next 24 months to set up malls in these States, with a focus on tier-II and tier-III cities.

"We have launched a pilot store at Nanded in Marathwada region recently. We will then go to Latur, Aurangabad, Sholapur and Nagpur," Mr Sriram Kakkera, Chief Executive Officer, told Business Line.

Promoters of Siri Mahamart were the founders of Trinethra Super Retail that was subsequently acquired by Aditya Birla group.

"We have already invested Rs 80 crore for the initial phase," he said.

The company, which has retailing space of three lakh sq ft in Andhra Pradesh, would add five lakh sq ft by the year-end.

"We will invest Rs 80 crore to open stores in all the district headquarters and municipal towns. We will open 60 more stores in the State in the next few months," he said.

Last year, it registered a turnover of Rs 70 crore. "We will hit the capital market after 2-3 years when we hope to reach a turnover of about Rs 1,000-1,500 crore," he claimed.

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