Coromandel International Ltd is eyeing a break-even for its agri-retail business in the current financial year. The company proposes to add another 360 centres to expand its agri-retail chain Gromor to about 1,000 stores by 2014, said A. Vellayan, Executive Chairman, Murugappa Group.
The retail business expects to clock a turnover of about Rs 1,200 crore in the current financial year and aims to achieve a break-even, said Kapil Mehan, Managing Director, Coromandel International. Last year, the agri-retail chain clocked a turnover of Rs 900 crore, he said.
Mehan said the company expects to invest additional Rs 35-40 crore in expanding the agri-retail business over the next three years. Presently, it employs about 2,000 employees in the agri-retail business.
The Murugappa Group primarily sells agri-inputs like seeds, organic manure, agro-chemicals and fertilisers, plant protection equipment and farm advisory services through the agri-retail chain - Gromor stores.
The agri-retail business, set up in 2007-08, mainly operates in states of Andhra Pradesh and Karnataka.
“We are evaluating options to expand our agri-retail network to network to Maharashtra and Tamil Nadu,” Vellayan told reporters here. These retail stores also market veterinary feed and insurance products.
“Agri-retail, water soluble and organic fertilisers and farm mechanisation services are the three key areas for the company going forward,” Vellayan said.
vishwanath.kulkarni@thehindu.co.in
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.