Nagpur, Aug 01: Polyster major Indo Rama is planning a foray into the retail business, managing director OP Lohia said. Lohia said, "Indo Rama plans to make forays into the retail sector and is opening a chain of stores across the country." He was talking to wire services on Thursday night.
Indo Rama Textiles, whose shares were listed this month on the NSE and BSE, reported its first quarterly results post-demerger. There was a 34 per cent rise in sales turnover at Rs. 88.22 crore as against Rs. 66.09 crore in the corresponding quarter of the previous year.
Lohia confirmed reports that since retailing is a lucrative business the company planned to set up stores shortly, but declined to elaborate further..
He said that despite a number of hurdles like strike by truckers and the powerloom industry, the company has done well in the otherwise lean months of June and July. The season starts from August and the market would be more buoyant, he added. Bureau Report