Subhiksha to expand its reach in Eastern Zone
Subhiksha, India's largest supermarket, pharmacy and telecom chain, plans to expand its wings in the east, to cater with growing demand of the zone.
The company, already having a good presence in the north, south and western regions, has plans to set up a store in Kolkata by end of this year.
Currently, the company has around 1,580 supermarkets under its Subhiksha Retail brand in more than 100 cities. The company plans to invest Rs 800 crore in the current financial year to expand its network to 2,200 stores and add consumer durables to its product portfolio.
The company expects to achieve revenue of Rs 4,500-crore this year as compared to Rs 2,305-crore posted in the previous financial year.
Recently, Software maker Wipro Ltd’s Chairman Azim Premji bought a 10% stake in Subhiksha from ICICI Venture, through his personal investment arm for nearly Rs 230 crore, valuing the retailer at Rs 2,300 crore.