Poorvika Mobiles, a Chennai-based mobile retail chain, is planning to open 50 stores this fiscal, at an investment of around Rs 20-30 crore. The company also said that it is looking to diversify, for which it may look to raise money from private equity (PE) funds.
Speaking to reporters in Chennai on Friday, N Uvaraj, chief executive officer, Poorvika Mobiles, said the company would like to become a global company and wants to take the brand beyond retailing. “We have a well thought out diversification plan, including a foray into real estate and manufacturing of handsets on our own,” he said.
Kanni Uvaraj, managing director, Poorvika Mobiles P Ltd, added, “We have been getting enquires from PEs, for our present retail expansion, we will stick with our bankers. For future diversification, we may look at PE funds.”Read more
Courtesy : www.business-standard.com