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Sai Silks to open 4 more retail outlets in South India – Retail in Asia

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Sai Silks to open 4 more retail outlets in South India

Sai Silks (Kalamandir) Limited, a Hyderabad-based retailer of women’s, kids and men’s wear, intends to expand its retail outlet network by opening four additional showrooms – one each at Hyderabad, Nizamabad, Vijayawada and Chennai – with a total cost of around INR13 crore (INR130 million, USD2.4m).

The eight-year-old company currently operates 16 outlets across Andhra Pradesh, Tamil Nadu and Karnataka covering a retail space of 129,000 square feet, with the per sq. ft average sales being INR25,000 a year.

The company will be entering the capital market through an initial public offering to raise around INR89 crore. Besides funding its expansion strategy, the proceeds of the issue will be utilised for brand-building exercise (INR8.5 crore), re-payment (INR91 lakh) of term loan to State Bank of India, and close to INR60 crore for meting long-term working capital requirements.