New Delhi: Subrata Roy-promoted Sahara Group announced its foray into retail business, to supply a comprehensive range of consumer products.
"The company has made an initial allocation of Rs 3,000 crore towards this business. We will invest according to the need as we go ahead," Sahara India Pariwar Chairman Subrata Roy said.
The range comprising 1700 products will be distributed through direct-to-home mode. Christened Sahara Q Shop, the first phase of the retail business will be launched on August 15, covering 60 towns across the states of Rajasthan, Uttar Pradesh, Uttarakhand, Bihar and Jharkhand.
The first phase will be launched on August 15, covering 60 towns across the states of Rajasthan, UP, Uttarakhand, Bihar and Jharkhand.
The group aims to have a pan India launch by March 2013 spreading across 998 cities of India. The business will hire 600,000 sales personnel and will be supported by 3000 call centre executives.
The company is aiming revenues of Rs 15,000-20,000 crore in the first 12-18 months and around Rs 50,000 crore after two years, Roy said.
"Our newest quality consumer merchandise retail venture is one such giant step which we have undertaken to curb the menace of prevalent adulteration practices in the market," Roy added.
Sahara Q Shop would market a range of products under 73 categores, including staples, processed foods, personal care products and home care products.
Speaking to CNBC-TV18, Sahara chairman Subrata Roy said Sahara's IPO plans were off for the moment. The company will bid for NDMC's real estate on which Taj Mansingh is based.