Aditya Birla group’s private equity arm picks 25% stake in V Mart Retail
Diversified Business house Aditya Birla group has acquired a 25% stake in Delhi-based V Mart Retail, through its private equity arm named ‘Naman Investments’ for an undisclosed amount.
This is the third investment of the Naman Investments. It had earlier invested in the Bombay Stock Exchange (BSE) and Core Projects & Technologies, a leading IT solutions provider with special focus in education, health and BFSI.
V Mart operates a chain of mid-size hypermarkets value retail stores ranging from 6000-12000 sq ft. The company is in operations since 2004 and operates 26 stores in various cities across the country with larger part in the North and West India. It covers 250,000 sq. ft. retail space.
The company, which caters to the middle and lower-middle segment of the retail market, earns two-thirds of its revenue from apparel business. It had reported a turnover of Rs 100 crore last year and targets to achieve a 50% growth in topline this year.
The company also plans to spend Rs 50 crore by March 2009 to have 46 stores this year. Aditya Birla group operates a chain of Retail stores under brand name "More".