Essar Steel, part of Essar Group, is planning to open three more hypermarkets in Karnataka, taking the total count in the state to six, its top official said.
Launching its third hypermarket in the state and first in Bangalore at Jigani on the outskirts today, firm's Executive Director (Sales & Marketing) Vikram Amin told reporters the company will be opening three more hypermarts, one in Mangalore and two in north Karnataka in the next three to four months.
Essar steel already has two hypermarts, one in Hubli and another in Belgaum.
Essar hypermarts cater to the customers in the SME segment ranging from small manufacturers, local fabricators and general engineering firms to large corporations and construction companies, offering a comprehensive range of flat and long steel products for a variety of applications.
Sales from such hypermarts account for 25 per cent of Essar Steel's annual revenues, he said.
The company, which has over 300 retail outlets across the country, is looking at ramping it up to 750 by the end of this year. Out of these, 150 will be hypermarts and 600 express marts, Girish Rao, CEO Essar Hypermart said.
Essar Steel is at present selling 100,000 tonnes of steel. "We are planning to sell 3 million tonnes through retail business," he said.
The firm is looking at closing the year with a revenue of Rs 3,500 crore.