Khadim to go for IPO this yr to raise Rs 65 crore, launches EGARO

Kolkata, May 8(UNI) Khadim India Limited has planned to go for an IPO this year to raise Rs 65 crore from the market even as it plans to strengthen its foot print in the retail segment with around four to five "Egaro", a chain departmental stores, in the next few years.

The company would invest Rs 120 crore over a span of two years for this new retail venture.

Speaking at a press conference here today, Khadim India Limited Managing Director Siddhartha Roy Burman said the company would raise the money from the markets through IPO and private placement.

Elaborating his retail plans, he said, ''We have initially launched two "Egaro", departmental stores where apparels, footwear, ornaments, grocery etc will be available. One would be launched in the end of this year.'' ''The retail business, under the banner of Khadim India Limited (KIL), is likely to contribute 50 per cent of our business in the coming years,'' he said. The retail segment is expected to touch a turnover of Rs 45 crore in the current fiscal. The footwear business would operate under the banner of Khadim and retail business under KIL.

The company has targetted to touch the turnover of Rs 500 crore in the next three years. The turnover of the company was Rs 150 crores in 2006-07.

Khadim, a leading Bengal based footwear company, is present in 19 states across the country with 250 outlets.

UNI