Mumbai: Delhi-based Vishal Retail is ready to invest Rs 200 crore to establish 40 additional stores largely in northern India.

Vishal Retail Managing Director Ramchandra Aggarwal stated, “In addition to 53 stores that we have at the moment across 41 cities, we want to put up 40 more in the current fiscal year entailing Rs 200 crore investments.”

The company would make use of the total earnings of Rs 110 crore that it had raised through Initial Public Offer (IPO) towards growth and get the persisting Rs 90 crore as debt from domestic financial institutions.

“We are in the process of tying up the debt portion and this will be done shortly,” Mr. Aggarwal said.

Sixty per cent stores run by the company are sited in the northern part and the rest are almost equally divided between east, west and south.

“We are going to set up most of the upcoming stores in northern part concentrating on a particular region. It helps to reduce supply-chain management and advertisement costs. It is always a safe and better bet too,” he further added.

The company has also signed up a contract with a Delhi-based institution to guide its staff.