Lalmahal enters retail mkt, to open 500 outlets

Leading rice exporter Lalmahal Group on Thursday joined the retail bandwagon announcing plans to invest about Rs 1,000 crore for a pan India roll out of 500 outlets in three years. The company on Thursday opened 14 stores under the brand LM 365 in the national capital, kicking off its expansion plans. “Seeing the potential in the organised retail sector, we have decided to enter the market. We will roll out 500 stores in the country in the next three years. This will entail an investment of about Rs 1,000 crore,” Lalmahal Group managing director Prem Garg said. He said the company is planning a public offer. “IPO is in our mind. We are planning to dilute 25% stake. It can come by around March 2009,” he said without divulging further details.