Friday, January 8, 2010

Jaipan to open 200 retail stores starting next month

Mumbai-based home appliances manufacturer Jaipan Industries said it will foray into retail industry by opening 200 stores pan-India, to sell lighting accessories starting next month.

"We plan to enter into retail lighting industry by opening 200 stores starting next month, which would run through franchise operations. The company also plans to raise more capital (by way of rights issue) in the period ahead to fund our new ventures," Jaipan Industries Managing Director J N Agarwal told PTI.

Jaipan plans to invest Rs 10-crore in the first phase of retail expansion but will increase the investment size in later stages, Agarwal said, adding that shops will be opened across major cities.

Besides, the company is also mulling rights issue sometime over the next two years, to mop up funds that will be used to fuel its expansion plans, Agarwal said.

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