Welspun to hive off retail venture; open 1,000 stores by 2011

New Delhi, Feb 21 (UNI) Goenka-promoted Welspun Group is planning to hive off its retail venture by the next fiscal, and is looking at an initial public offering (IPO) to fund its expansion plans.

As part of its expansion plans, it will open 1,000 stores by 2011 across the country.

The company, which is a part of the Rs 4,230-crore diversified Welspun group and operates two retail formats retails home furnishing through two format stores 'WelHome' (for value for money products) and 'Spaces' (for high-end home furnishings), will increase the count of its stores from the current 230 to 660 by March 2009.

''We are evaluating an IPO..,'' Wellspun India Ltd Director, Dipali Goenka told reporters on the sidelines of Technopak Retail Summit.

The revenue expectation is very aggressive - Rs 1,000 crores by 2011, Ms Goenka added.

As part of the expansion, Welspun will also roll out international home decor brands.

UNI PDT SR RN1943