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The Shashi Ruia-led Essar Steel is betting big on retail sales of its steel products and plans to ramp up its Hypermart outlets to 650 by FY-12, a senior company official said.
With the infrastructure sector gaining momentum on the back of an economic revival, the company is also eyeing higher sales from its Hypermart outlets by next fiscal, the official said.
At present, Essar Steel has 500 Hypermart outlets, which, after the ramp up, will increase to 650 by FY-12.
“We are earning good revenues from our retail business. Our stores are doing good business in west and south India. We plan to open at least 150 Essar Hypermarts by FY-12,” Essar Steel’s Executive Director (Sales and Marketing), Mr Vikram Amin said here today.
The company is targeting a sale of 1.50-lakh tonnes per month by then as compared to the present 1-lakh tonnes, he said.
“Our 35 per cent revenue comes from Essar Hypermart and we aim to maintain the same momentum going forward,” Mr Amin said, adding that its retail business is poised for a healthy growth going forward.
Essar Steel, which is known as the pioneer of steel retailing in the country, forayed into the segment in 2006 by opening its first Essar Hypermart at Gandhidham in Gujarat.
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