Subhiksha Retail Plans 300 crores expansion

South India based neighbhourhood chain of retail stores, Subhiksha Trading has planned an ambitious Rs 300 crores expansion across various states [New states – Kerala & West Bengal] in India including Mumbai metro.

It plans to expand its retail stores to 1,2000 by 2007-08. Subikasha currently has 520 stores which makes it the largest retailer in India today. Each of Subhiksha’s store is 2,000 sft in size and mainly stocks Vegetables, fruits, Groceries. Some stores have added FMCG and OTC medicines.

On a trial basis they are adding Mobile currency recharging facilities in select stores and may also have a separate section for mobile retailing. It has 35 stores in Bangalore and will touch 60 by end of 2007 further consolidationg its position in TamilNadu, Karnataka, Gujarat and Andhra Pradesh.

ICICI ventures holds 24% stake in Subhiksha. For FY06 its topline was Rs 334 crore with mere Rs 6 crores bottomline. It is on set to achieve 100% growth this year and will probably end with Rs 800 crore topline and Rs 18 crore bottomline.

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