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Business Daily from THE HINDU group of publications Thursday, February 21, 2008 ePaper | Mobile/PDA Version |
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News Update as at 18.00 hrs (IST)
Marketing FabIndia to open 250 stores by 2010 by investing around Rs 200 cr
By next year the company plans to open 80 new stores at an estimated investment of Rs 70 crore. When asked about the total investment for its overall expansion, Mr Bissel declined a direct reply but said per store required about Rs 30 lakh on interiors a nd another Rs 50 lakh on inventory. The overall investment, however, could be to the tune of Rs 200 crore. On the funding of the investments, Mr Bissell said it would be through internal accruals. Last year the company had raised $11 million selling a 6 per cent stake to WCP Mauritius Holdings. The company, which runs in partnership with its suppliers (artisans from villages), has already started operating 18 community owned companies and another 23 are likely to be operational in the next 24 months. "Out of the 611 administrative districts in India, 350 have the potential to be our suppliers but currently we have presence in about 150 of them, which we are in the process of strengthening," Mr Bissell added. - PTI
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