Subhiksha to attain 1,000-store mark by 2007

New Delhi, Dec 12: Riding on a Rs 500-crore expansion plan, discount retail chain Subhiksha has said it will acheive the 1,000-store mark in 10 states by 2007.

The company today launched its 500th store in Maharashtra, which is the final leg of its phase 1 expansion plan.

''With Maharasthra we will complete our 600-store target and will shortly activate phase 2 of our expansion plans foraying into five more states including Chandigarh, Punjab, Madhya Pradesh, Uttar Pradesh, Haryana and West Bengal. We hope to hit the 1,000-store mark during 2007,'' Subhiksha Managing Director R Subramanian said.

The company's total outlay for phase 1 of the plan was Rs 300 crore.

Commenting on recent industry speculations of associations with Mukesh Ambani's Reliance Industries, Mr Subramanian said, ''Since we are so successful any number of people may covet us. But we have no intentions to sell. Infact we are constantly expanding and not averse to buying anything suitable.''

UNI