Khadi shortlists bidders for JV
Fabindia, Shoppers Stop & The Bombay Store in the race.August 08, 2012 | comments ( 0 ) |
Private retail chains Fabindia, Shoppers Stop and The Bombay Store have been shortlisted to place bids for partnering Khadi Gram Udyog Bhawan, a government owned store, for running and marketing its mega stores. To run these 10 stores, one of them will form a joint venture to manage the Khadi outlets through the public-private partnership mode, in which the private entity would hold 51 per cent equity and Khadi & Village Industries Commission (KVIC) would hold 49 per cent. Post the JV, we can see the setting up of 20 ‘Khadi Plazas’ at key commercial centres across the country.
KVIC owns 7,050 outlets, which account for sales of about Rs 1,000 crore.
The finance ministry’s Expenditure Department would have to clear the financial bid process for the venture. The already operating outlets will also come under the JV and will be managed and run under a lease contract.
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