The Hindu Business Line : Vishal Retail to raise Rs 3,000 cr for expansion

New Delhi, April 16 Vishal Retail Ltd is in the process of setting up of a logistics company VRL Movers to address the issue of supply chain management. The company is also looking to raise Rs 2,000-3,000 crore to fund its future expansions.

“Our aim is to reach 10 million sq ft of retail expansion by 2011. The funds will be a combination of debts and equity in the ratio of 2:1,” Mr Ram Chandra Agarwal, Chairman and Managing Director, Vishal Retail, said at a news conference.

The group is also venturing into all retail formats to push up its brand equity. Currently, it has a presence in 66 cities with as many as 100 stores spread across two million sq ft.

The group also has an arrangement with Hindustan Petroleum Corporation to open stores at select HPCL outlets.

Mr Agarwal said the company is planning to increase the headcount by 20,000 in 2008-09. The group is looking for franchisees to join hands with and grow under a common banner. “This kind of a partnership will enhance competitiveness and help survive the onslaught of organised retail,” he said, adding Vishal’s prices are roughly 15 to 20 per cent less than other mass market labels.

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