|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Wadhawan acquires Sabka Bazaar, Home Stores
|
|
Saturday, 30 June, 2007, 08 : 00 AM [IST]
|
|
Our Bureau, Mumbai
|
of Mumbai-based supermarket chain Spinach, has recently acquired two Delhi-based retail chains, Sabka Bazaar and Home Stores, two formats of Home Stores Pvt Ltd.
"Yes, Wadhawan has acquired more than 70% stakes in both the retail chains from Home Stores Pvt Ltd. It marks the company's foray into the organised retail trade in the northern region that has been a part of the firm's future plans," said Dipankar Halder, CEO, Spinach. However, the decision whether the two chains will be brought under the Spinach brand name is still being evaluated, says Halder. "We hope to operate the stores as they are, without making too many changes till a decision is taken."
With the acquisition, WFRPL now has access to 31 Sabka Bazaar and 7 Home Store outlets in Delhi. Spinach currently has 24 outlets in Mumbai, and has plans to expand to other parts of Maharashtra soon. On Spinach's future plans, Halder said: "We plan to set up a total of 1,500 outlets by 2012, around 300-400 of which would be through acquisition of already established small and medium retail chains."
The diversified Wadhawan group, with interests in real estate, housing finance, retail, hospitality and restaurants, is also exploring the possibility of an international joint venture for its hotel venture. The group is looking to invest up to Rs 750 crore in its hotel business. Plans are afoot to set up a 35-odd hotel properties across India over the next three years. According to Kapil Wadhawan, managing director, Dewan Housing Corporation, "An international joint venture is a possibility. But we are not looking at launching our own brands in hotels."
|
|
|
|
|
|
|
|
|
|