Raymond to invest 100 crore for expansion

Raymond Ltd plans on investing Rs 100 crore to open about 300 stores across the country by end-March 2011 as part of its expansion plans. With plans to reach 712 towns, Raymond intends adding 50 new stores every quarter. Expecting the potential turnover to exceed Rs 200 crore from these stores on an annualised basis, the company is penetrating into India's hinterland by setting up 1,500 sq. ft stores in towns like Bijapur, Mandya, Ahmednagar, Bellary, Ghoti and Bhandara, among others. With the addition of about 300 stores the total number of the outlets of the company would go up to 800. The company aims to enhance its retail space by 50 per cent by 2011, adding more than 4.5-lakh sq. ft to existing floor area.