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Rediff.com  » Business » Indo Rama group mulls retail business entry

Indo Rama group mulls retail business entry

Source: PTI
August 01, 2003 12:09 IST
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Polyster giant Indo Rama group is contemplating entering the retail business, the company's managing director O P Lohia said on Thursday.

"Indo Rama has conceptualised making forays into the retail sector and is opening a chain of stores across the country," Lohia told PTI in Nagpur on Thursday night.

Admitting reports, Lohia for the first time confirmed that since retailing is a lucrative business, the company planned to set up stores shortly. However, he declined to elaborate further, saying it was in the primary stage and the details were being worked out.

About the performance of his polyster group, Lohia said despite a number of hurdles like the strike by truckers and powerloom industry, the company has done well in otherwise lean months of June and July.

The season starts from August and market would be more buoyant, he added.

The disbanding of multi-fibre agreement in January 2005, in line with the World Trade Organisation commitment, will open up huge business opportunities for the Indian textile market, Lohia said, adding India and China would be the biggest gainers by 2005.

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