Essar to invest $300 million, to set up 2500 'The MobileStore' outlets across India
India's leading business conglomerate, the Essar Group has announced an investmant plan of $300 million (Rs. 1,200 crore) over the next three years to ramp up its telecom retail venture and set up 2500 outlets 'The MobileStore' across the country.
"We will invest Rs. 1,200 crore over the next three years to set up 2,500 'The MobileStore' outlets across the country," news agency PTI quoted Rajiv Agarwal, CEO, Essar Telecom Retail as saying.
The company plans to increase its head count to 10,000 in the next three years from the current 1,200 and expects to earn revenue of $750 million (Rs. 3,000 crore).
Essar has already opened about 250 'The MobileStore' across the country. According to an Essar official, the multi-service outlets would sell handsets and mobile accessories at competitive price and offer new connections, value-added services, after-sales support and bill payment facilities.
"The country's handset market stands at $8.75 billion (Rs. 35,000 crore) and is growing at an annual rate of 60 percent," Agarwal said, adding, "We are looking to garner a 10-15 percent market share."
"We are also looking at opening up of 4,000 touch points in the form of stores, kiosks and shop-in-shops," he said.
The stores would be set up in three formats - large, medium and compact, besides shop-in-shops in malls and large retail outlets, Agarwal said, adding the outlets would also offer electronic products such as digital cameras, iPods and gaming devices.
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