Mumbai: Succumbing in the direction of the structured retail prospect, Mahindra Group has declared its plans to set up a chain of multiple-format lifestyle stores crosswise the nation.

Mahindra Intertrade, a group company, which has already got permission to distribute kids’ attire and toys of companies including Walt Disney, Mattel, Lego and Nicklodeon, will primarily build up a retail business plan.

This section will be diverted within a year time, into a separate company called as ‘Mahindra Retail’.

Raghunath Murti, Mahindra Intratrade executive vice chairman said, “The group believes that this is the opportune time to enter and extend its distribution business into direct retailing, when the organised retail market is fast expanding in India. We will look at other product categories, but not grocery.”

The retail segment may think about bringing in strategic capitalists at a later phase.

Mr. Murli added, “Currently, we have no such plans. But we do not rule out the possibility at a later stage. If there is an opportunity, we will consider it.”

The company is appointing people, and the business plan is likely to be arranged securely once the senior group is in situ. The new venture has hired a CEO, K Venkataraman, and Mr. Raghunath Murti is also a part of the senior group.