Date:22/11/2006 URL: http://www.thehindubusinessline.com/2006/11/22/stories/2006112202781200.htm

Back Siri Mahamart unveils Rs 100-cr retail plan

Our Bureau

To set up chain of hypermarkets, supermarkets in AP

"We are planning to cover the whole of Andhra Pradesh in the next six to 12 months by opening 40 stores."

Hyderabad , Nov. 21

Even as corporate majors such as Reliance and HLL are busy preparing their retail foray, Mr Anjaneyulu Kakkera, who introduced organised retailing in Andhra Pradesh a few years ago, has announced a Rs 100-crore plan to set up a chain of hypermarkets and supermarkets across Andhra Pradesh.

Mr Anjaneyulu, who promoted and then sold Trinethra chain of supermarkets, told Business Line that the newly floated Siri Mahamart Trading Private Ltd had already invested about Rs 50 crore in 19 stores, branded Magna, in Hyderabad, Visakhapatnam, Vijayawada and Rajahmundry.

"Of these, six are hypermarkets and the rest are supermarkets. We have recently opened our seventh hypermarket at Santoshnagar," he said.

"We are planning to cover the whole of Andhra Pradesh in the next six to 12 months by opening 40 stores. We will then have our footprint in other States," Mr Anjaneyulu said.

New dimension

Stating that he had realised the retail potential of Hyderabad eight years ago, Mr Anjaneyulu said the spending patterns of people here suited very well for the retailers.

He said the company had added a new dimension to retailing.

Besides offering 50,000 varieties of products at the hypermarket, Magna also housed an eatery, providing a host of cuisines.

The company has set a turnover target of Rs 120 crore this financial year. It also plans to increase the floor space to eight lakh square feet by the year-end from the present 3.5-4 lakh sq ft.