Rajesh Exports to form subisdiaries for retail

New Delhi, Dec 11: Rajesh Exports Ltd will set up two wholly-owned subisdiaries to manage and expands its retail business and foray into infrastructure development.

The proposed names of the subsidiaries are 24K Retail Ltd and Bangalore Infra Ltd.

''To increase our focus on retail and to professionally manage and expand retailing, the company has decided to transfer its entire retailing activities to 24K Retail,'' Rajesh Exports said in a statement today after its board approved the plan.

24 KRetail will have 30 'Laabh' stores, 100 'Shubh' stores and 50 'Oyzterbay' stores in first phase of expansion.

The entire real-estate holdings of the company would be transferred to Bangalore Infra Ltd. ''The move will be of great value to the shareholders as the company would be unlocking the value of its retail foray and exploit the potential of infrastructure development,'' the company said.

The company recently forged a 50:50 joint venture for Oyzterbay stores with UK-based Fossil Inc.

''The company has sensed a huge opportunity to be in the fore-front of infrastructure development in Bangalore and other cities. It has identified experienced industry professionals who would be joining Bangalore Infra Ltd along with the existing company's property team,'' it added.

The company has already launched 24 Laabh showrooms across the country.

UNI