Max Hypermarkets, the food retailing concept of Dubai-based Landmark Group has planned to invest Rs 550 cr in the retail sector across 30 cities in Indian market.
Its food retail chain under the brand name of SPAR hypermarket has opened its eighth store in Pune. The group has a licence agreement with SPAR International to open SPAR stores in India.
The global food retailing major, with over 12,680 stores across 33 countries, opened its first store in India in 2004 in Bangalore.
Spar will invest a total of Rs 550 crore for its expansion plans, of which, about Rs 250 crore will be equity and the rest will be obtained through debt. The company is planning to add 30 stores targeting a revenue of 1,750 crore by 2013.
The Spar food private labels currently account for 16 per cent of the total food sales.
This is likely to grow to 25 per cent by March 2013.