New Delhi: After completing 100% acquisition of retail chain Landmark, Tata group company Trent plans to continue expansion of the bookstore.
“We have acquired the remaining 24% stake in Landmark on 30 May from co-founder Hemu Ramaiah and we will continue to expand the store,” Himanshu Chakrawarti, a Trent executive and COO of Landmark said.
He said the company would add about 5-6 stores per year with an investment of about Rs5 crore per store, entailing an estimated total investment of up to Rs30 crore.
After exiting from Landmark, Ramaiah has also resigned from the post of CEO. Asked about the financials involved in the deal, he declined to comment saying that it was a confidential matter between two shareholders.
He also ruled out a possible change in the top management and also of hiring a new CEO. “As of now, the company has not taken any decision on that front,” he added.
Trent had acquired a majority 76% stake in Landmark in 2005 for Rs103.6 crore. Landmark, currently, has 10 stores across cities such as Chennai, Bangalore, Mumbai, Vadodara, Gurgaon, Pune, and Lucknow.