"Pyramid Retail Ltd, the lifestyle chain, will have 12 more malls in northern and western region in the next one-and-a-half years with an investment of about Rs 100 crore (rs 1 billion). While its food and grocery chain 'Truemart' will add 60 more outlets during the same period," Krish Iyer, managing director and CEO, PRL said.
The group will invest about Rs 35 crore (Rs 350 million) and open 60 more outlets in Mumbai and Pune alone. It currently, has nine outlets in the two cities, he said on the sidelines of International Conference on Opportunities and Challenges in Retail organised by FICCI.
"We are focussing on opening malls in the northern and western region and will have 17 malls by 2008. The group, currently has five stores in Mumbai, Pune and Nagpur," he said, adding that the company plans to open two stores a month in food and beverages category.
The company, which was listed on Tuesday, is expanding operations into the northern region and plans to set up 8-10 malls. "Of this, 5 malls will be in and around Delhi and the rest will be at Ludhiana, Jalandhar and Chandigarh," he said.
The company is close to finalising a second mall in Pune. In the next stage, stores are also being planned at Bangalore, Chennai and Hyderabad, he said.