The government cleared the proposal of PAMP Gold LLC, Dubai for 100 per cent foreign direct investment (FDI) for setting up the duty-free shop of gold and silver metals at the airport. In all, the government gave its approval to 22 FDI proposals worth Rs 3,248.83 crore.
KSK Energy Ventures Ltd, with 74.94 per cent foreign equity and engaged in the business of investing company, has been given permission to issue and allot warrants to foreign promoters.
The proposal entails investment of Rs 1,050 crore. FIPB has also cleared the proposal of InterGlobe Aviation, holding company of IndiGo. This would clear the way for fresh foreign direct investment in air carrier IndiGo.
The approval is also likely pave the way for IndiGo to come out with its IPO. The air carrier has been planning to attract additional investment for several months. Other proposals which have been cleared include that of Gurgaon-based Baxter (India) (pharma firm), ARKRAY Healthcare (pharma), Verdant Telemetry & Antenna Systems (defence), Genpact India (IT) and Innisfree Cosmetics India (trading), has been deferred. These include those of HBM Private Equity India, Intas Pharmaceuticals and Verizon Communications India Pvt Ltd.
The electronics retail industry in India is a fast growing sector, and Lotus Electronics has emerged as a beacon of innovation and customer-centric excellence in Central India. The brand, with its 20 stores spread across key cities in Central India – Indore, Bhopal, Raipur, Jabalpur, Bilaspur, Ujjain and Raipur, and a robust online presence, holds the title of the largest electronics retail store chain in the region.
Gaurav Pahwa, Director, Lotus Electronics shared his insights with Indian Retailer about the brand's journey, strategies, and expansion plans.
According to him, the success was attributed to a wide range of electronics from both national and international brands, all offered at highly competitive rates. This commitment has solidified Lotus Electronics' position as the largest one-stop omnichannel store for consumer electronics, IT products, mobiles, and home appliances.
The brand prides itself on offering an extensive array of world-renowned brands, including Apple, Sony, Samsung, Haier, Bose, JBL, and many more, all under one roof. “It is a three families’ business, a partnership business to be precise, which got we began in 2000. The average showroom area spans 10,000 – 15,000 sq ft, and today we cover more than 2,50,000 sq ft of display area across Central India. This vast offline presence is complemented by strategically located warehouses in the eight cities,” elaborated Gaurav.
Consumer-Centric Philosophy: The 6Cs
It is the brand’s 6C philosophy for customers – comfort, convenience, choice, competitive rates, care and commitment – that makes it stand out from the other retailers. With a dedicated staff strength of 600+ members and over 200 company demonstrators, Lotus Electronics ensures a customer-centric approach that makes the shopping experience truly memorable. This philosophy extends seamlessly to the online portal.
Founded in 2000, Lotus Electronics has been a game-changer in the electronics and home appliances market. Pioneering the concept of offering a variety of electronic brands and products under one roof, the brand has evolved beyond being just an electronics showroom. It focuses on the entire experience of electronics shopping, embodying innovation and consumer satisfaction.
Gaurav revealed that the brand, with a turnover of Rs 650 crore, has targeted Rs 750 crore by this March. According to him, the significance of technology in retail expansion, particularly in adapting to changing consumer preferences, was what made them succeed.
Future Endeavors: Hyper-Local Expansion
Looking ahead, Gaurav envisions Lotus Electronics as a hyper-local store, focusing on both physical and online presence. The brand aims to strike a balance between the immersive experience offered in offline stores and the convenience of online shopping. While expanding into new markets, the brand remains committed to being number one in every geography that it operates in. “One of our major focus is that whenever we go to a newer market, we adapt to its flavor immediately. Starting from the communication, which happens in local language. The team that heads the store on ground and the managerial level, can all speak the language flawlessly,” he said.
To grow exponentially, Gaurav is actively exploring innovations such as using tablets for product demonstrations, ensuring that consumers can make informed decisions right at the store. The brand is gearing up to open five new stores in a new state. The details will be revealed soon. Stay tuned for more.
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