Business Daily from THE HINDU group of publications
Tuesday, Sep 18, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Sep 18, 2007 ePaper |
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Marketing
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Retailing Provogue plans Rs 300-cr capital expenditure Divya Trivedi Mumbai, Sept. 17 Provogue India Ltd proposes a capital expenditure of Rs 250-300 crore for the current fiscal, according to Mr Salil Chaturvedi, co-founder and promoter. The company operates 116 stores and 72 concessions in 61 cities and has a CAGR in excess of 50 per cent. The company is looking for joint venture partnerships with international retailers, similar to its tie up with Liberty International for its real estate business Prozone. “We are in talks with some international players and will make sure we bring market leaders into the retail space, who are willing to make India-specific plans,” said Mr Nikhil Chaturvedi, Managing Director. Provogue has 75 per cent stake in Prozone and seven retail infrastructure projects are in the pipeline. Mall spaces at Jaipur, Indore, Nagpur and Aurangabad are in advanced stages and about 1.2 million sq ft gross leaseable space at Aurangabad will become operational by March 2009. “The capex for Prozone, over the next two years, is planned at Rs 1,300 crore, of which Rs 450 crore will come from equity and the rest from debt. Seventy five per cent of Rs 450 crore will be financed by Provogue India, and the rest by Liberty International,” said Mr Chaturvedi. Discount storesThe company also plans to add three Promart discount retail stores by March next. It currently runs a 40,000-sq ft Promart at Ahmedabad, which houses around 78 brands, including Madura Garments, Levi’s and Arrow. More Stories on : Retailing | Readymade Garments | Real Estate & Construction
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