Kochi, Sep 13 (UNI)The Bangalore-based retail supermarket chain Trinethra Super Retail Ltd (TRSL) today announced its plans to set up 70 new stores and invest about Rs 70 crore in the four southern states in this financial year.
Addressing a press conference here, on the eve of opening its first store in Kerala at Fort Kochi tomorrow, Trinethra CEO Pranab Barua said the company currently had more than 130 stores spread in Andhra Pradesh, Karnataka and Tamil Nadu.
With a vision to become the market leader in the grocery retailing business in India, Trinethra was expanding rapidly and would increase the number of outlets to 200 all across Andhra Pradesh, Bangalore, Chennai and Kerala by March, 2007.
Mr Barua said the company was also planning to open five hypermarkets and the first one would be opened in Mysore next year.
Stating that the Indian retail market was huge enough for both foreign and local players, including the smaller ones, Mr Barua pointed out that a study by McKinsey had estimated the Indian retail market at about US$ 200 billion in 2005 and double the figure by 2010.
About Trinethra's expansion plans in Kerala, he said all the stores in Kerala would be opened under the group's ''Fabmall'' brand.
There would be nine fully functional Fabmall outlets in Kerala by next month and 20 by the end of this financial year, he said.
Mr Barua said the company also plans to set up a processing centre at the cost of Rs 3.5 crore in Kerala next year and in Banglore this year, similar to the already running centre in Hyderabad.
The processing centres would ensure hygienic processing, sorting, packaging and supply of all provisions to their respective stores.
He said Trinethra with a turnover of Rs 15.8 crore in 1986, the year company started its operation, had recorded a turnover of Rs 170 crore during 2005-06.
Apart from offering groceries, fresh fruits, vegetable and dairy products, bakery products and frozen foods, the retail chain also offers value added services such as bill payments and forex remittances.
At present, the company had no plans to venture outside the southern states, he added.
UNI ARC AJ 1544