Liberty to invest Rs 500 crore on expansion

Footwear company, Liberty Shoes, plans to raise Rs 500 crore for expansion projects. "We are planning to raise capital to the tune of Rs 500 crore for various projects within the ambit of the shoe industry. We are looking at large expansion of our retail stores apart from modernising infrastructure, in terms of distribution and warehousing over the next three years," says Adesh Gupta, Chief Executive, Liberty Shoes. Of late, the company has been focusing on the South, especially tier-II and III markets, and opened 25 stores in the first half this fiscal."Gujarat is our next destination where we would like to expand because of the growth there. Bihar is also a good opportunity. We will look at these states where the economy is growing very fast," Gupta said. Liberty is also planning to expand overseas presence by entering South Africa and Russia. "We are participating in exhibitions in South Africa and the ex-Soviet Republics (CIS)," he said.