Sunday, January 07, 2007

Viveks holding talks with private equity firms

Business Standard reports that Chennai based consumer durable retailer, Viveks is on the lookout for private equity firms to fund its expansion plans. According to company executives, private equity firms will be selected before the company goes for an IPO at the end of the next financial year. Viveks has 54 stores in Tamil Nadu and Karnataka and is keen on expanding to other southern states of Andhra Pradesh and Kerala.

According to B A Kodandaraman Setty, Chairman and managing director of Viveks, "In the next three years, the company plans to open 100 stores in south India and the group is in talks with some private equity firms to raise funds for the same." Viveks currently has 3 brands, Viveks, Jainsons and Premier.

No comments: