Sangeetha enters Chennai with 9 outlets

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Chennai, Dec 21: After making its presence felt in the Garden City of Bangalore and in other parts of Karnataka, 'Sangeetha' a chain of mobile stores, today forayed into Tamil Nadu with the opening of nine outlets in the city.

Sangeetha Managing Partner L Subhash Chandra told reporters here today that the company would plan one more shop in Chennai to take it to ten by the end of this year. ''We are planning to add ten more outlets to have a total of 20 shops by the end of current fiscal ending March 31, 2008'', he said.

''We will be looking at rest of Tamil Nadu by the second quarter of next fiscal and have a total of 100 stores by the end of December next,'' he added.

Stating that the company was also planning for a private equity, to the tune of Rs 100 crore by diluting 26 per cent of its stake in the next two to three months, Mr Subhash Chandra said ''soon the company will be converted into a private limited firm and by March 2008 we will go for the private equity.'' He said the company reported a business revenue of Rs 88 crore last fiscal and was expecting to finish marginal short of Rs 200 crore by the end of current year.

UNI

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