Viveks to Expand its Network in South India

Consumer Durables retailer, Viveks with presence in Bangalore and Tamilnadu is all set to expand its reach in the entire South India. Currently the chain has 45 stores and is planning to add 100 more at an investment of Rs 225 crore by 2010. Its a fairly good strategy to control the South Indian market rather than focusing on PAN India without deep pockets.

We had broken the news about Viveks looking to raise Rs 150 crore Private Equity / VC funding in October 2006. Their is a slight difference in the valuations and hence Viveks is patient to get the right valuation.

Viveks finished 2006-07 with a turnover of Rs 360 crore. Viveks competes with Girias, Harsh Appliances, eZone of Pantaloon Retail Ltd and Next by Videocon group in the consumer durables space in South India.