In a move to get a bigger slice of the retail sector by 2010-11, Dubai based retail major Landmark Group is planning to invest Rs 550 crore to widen its ventures – Max Retail and Max Hypermarkets.
The group, which currently has 15 stores across eight cities in India, is planning to pump in Rs 350 crore for expanding with 12 stores in each metro. The stores would be located in malls rather than in high streets to cut costs and would be spread over an area of 15,000 square feet.
The company is also planning to set up five more of its Max Hypermarkets with an investment of Rs 200 crore in Hyderabad, Chennai and Bangalore.
The Landmark Group is aiming to raise Rs 200 crore from private equity players by 2009 and touch a turnover of Rs 300 crore by 2009-2010.