New Delhi, Aug 13 (TruthDive): Sahara India today said it has launched retail outlets Sahara Q Shops initially in five states covering 60 cities and towns from August 15. It earmarked an investment of Rs 3,000 crore to launch retail outlets.
Chairman Subrata Roy Sahara India Pariwar said the company has made an initial allocation of Rs 3,000 crore towards this business and will invest according to the need.
The first-phase launch of ‘Sahara Q Shops’ will cover Uttar Pradesh, Uttrakhand, Rajasthan, Bihar and Jharkhand’s 60 towns and cities across five states.
By March 2013 it plans to launch retail outlets in 998 towns and cities. By March 2013 the company is aiming revenues of Rs 15,000-20,000 crore and around Rs 50,000 crore after two years.
Undertaken to curb the menace of prevalent adulteration practices in the market this newest quality consumer merchandise retail venture is one such giant step of Sahara said Roy.
73 categories, including staples, processed foods, personal care products and home care products would be marketed in Sahara Q Shop.
Hospitality sources indicate Sahara has been in talks with the Marriott group for buying 15 of its hotels in Europe. JW Marriott and Fairmont manage Sahara’s Grosvenor House and the Plaza properties, respectively while RIL entered the hospitality industry by acquiring stake in EIH holdings, which operates the Oberoi Hotel and Resorts chain.
Sahara group’s major two deals are all it took the global hospitality industry to know that it was here for business. Acquisition of the Grosvenor House in London and the Plaza in New York for $1.3 billion two of the most iconic hotel properties in the world have other hotel groups including the DLF giving offers to sell their properties.
Sahara is among the few people in the market who have the money and have been able to close transactions.