| Aditya Birla Retail, after acquiring Trinethra the 172-odd stores strong Hyderabad-based supermarket retail chain, is on the lookout for fresh acquisition. Mumbai-based Piramal Group owned Pyramid Retail, with a revenue of Rs.105 crore ($ 25M.) and a loss of Rs. 7 crore for the year ended March, 2006-07 seems to be the target of their affection. The $800 M group has diverse interests in Pharmaceuticals, Healthcare, Textile, Glass, Real Estate, Retail and Engineering.
Pyramid retail operates its retail business through retail chains under two formats: Pyramid with 7 lifestyle stores and Trumart with 14 upmarket neighbourhood grocery stores. 'Pyramid' stores mainly focus on branded lifestyle apparel and fashion accessories while Trumart is an upscale grocery format.
Birlas have refused to comment while Pyramid has denied such a possibility. "We are on our own and are looking at expanding our presence," said Nandan Piramal, Executive Vice Chairman. However, change of guard is at very close stage, according to sources.
Pyramid, was once considered a potential competitor to Pantaloon (Kishore Biyani), Shoppers' Stop (K Raheja) and Westside (Tatas) in the lifestyle segment although it had raised resources a few months back through public issue. It seems to have lost track due to lack of direction and focus from the top management. It has been looking for induction of a strategic partner and was believed to be in talks with other players including Tatas and foreign players for the same.
Source: www.indiaretailbiz. com |
