Indo Rama Retail Holdings Pvt. Ltd, the retail venture of the promoters of Indo Rama Synthetics (India) Ltd will be setting up 200 stores across the country over the next three years.
Announcing the launch of the company’s store in Chennai, Mr Ashok Srivastava, chief operating officer, Indo-Rama Retail Holdings said, “Any company spends close to Rs 400 per employee on stationery and other office materials. With IT, education, financial, media sectors booming we are confident there will be a huge demand for our products.”
The company will be setting up close to 50 stores in tier-2 and tier-3 cities by the end of 2008. He pointed out, “Our investments per store would vary depending on the real estate value. We will be investing around Rs 15 lakh to Rs 40 lakh per store”. We are targeting cities such as Madurai, Coimbatore, Trichy and Salem in Tamilnadu. Further he said that the company is also eyeing entering SEZ’s in these cities. To a query on funding, he said that the funding would be through internal accruals.
The market for office products in India is estimated to be around $10 billion growing at 15% year on year. Office1 Superstore is targeting to capture 5% of market share in the organized sector.
The company clocked revenues worth Rs 5 crore last year and is confident of achieving Rs 1 crore business from each store that they set up.
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