Published 28 May 2012
Indian agri retail firm Champion Agro plans to invest about INR1bn ($18.10m) in next two years, in a move to expand its business territorially.
As part of its expansion plans, the Rajkot-based firm is planning a North India foray and will look to tap states like Delhi, Haryana and Punjab, reported Business Standard.
Champion Agro already has 40 stores in the Indian state of Gujarat and plans to set up another 25 such stores in North India by end of 2012. On a pilot basis, the company has started agri retail store in Solan district of Himachal Pradesh.
The retailer is expected to hire around 200 more agro professionals for its North India operation.
Champion Agro chairman and managing director Dhirubhai Patel said the firm has planned to invest gradually around INR1bn in next two years to strengthen its foot print in North India.
"To manage the funds we will use our internal sources as well as go to the banks," Patel added.
"As Himachal Pradesh is fruits growing area, we are also focusing on our fruits and vegetable division there.
"We will open 25-30 new outlets in Gujarat in current financial year for which the company will invest around Rs 15 crore on it."
Champion Agro, which deals in cotton, groundnut, cumin, sesame, wheat, bajra (pearl millet), maize and vegetables seeds, pegged an annual turnover of INR4.25bn ($76.94m) in 2011.
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