The Loot to raise Rs 100 crore through IPO route

Leading retail chain, The Loot India, has announced plans to raise Rs. 100-crore through an IPO, likely to be launched in the next 15 months. The proceeds will be used for consolidating its retail business as well as for setting up a training campus, spread across 1.5 million sq. ft area near the Maharashtra-Gujarat border. “The training campus would have a small manufacturing unit, a design cell for The Loot’s in house apparel brands and would train staff on upcoming trends and technologies.” said Mr Jay Gupta MD The Loot. He added, “The Loot has also tied-up with Tata Consultancy Services for its software and technology support.” The company plans to expand its store network of 140 stores to 200 stores by 2010, beginning with opening of stores across 50 cities in 20 states of the country by March 2010. The Loot, a multi-brand discount store offering customers a wide range of products in apparels, footwear and accessories with discounts throughout the year, recently won the TiE Entrepreneurial Excellence Award 2009 at TiEcon Delhi 2009.