Savemax plans retail expansion
Its stores presently cater to both cash and carry or wholesale as well as multi-brand retail
New Delhi-based Savemax, a hybrid model retail company, wishes to expand pan-India. The company, which entered retailing in 2011, has been into rice exports for 60 years. Its stores presently cater to both cash and carry or wholesale as well as multi-brand retail.
Foreign direct investment (FDI) caps and rules differ for cash &carry and multi-brand categories. While FDI is capped at 51 per cent in multi-brand, up to 100 per cent is allowed in cash and carry. Savemax has no foreign investment yet.
The company has three stores in this city. It plans another 15-18 by 2016, a capital expenditure of Rs 300 crore. Savemax stores sell anything from fresh products (fruits, vegetable), and groceries to home care and furnishing products.
"We are planning to set up stores in Gujarat, Maharashtra, Chhattisgarh, Madhya Pradesh, Delhi, Haryana, Uttarakhand and Uttar Pradesh," said Vaibhav Singhal, founder-director.
Savemax
FDI
Vaibhav Singhal
First Published : February 03, 2014 12:00 am