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SVIL Mines raises Rs 150 cr to fund expansion plan

SVIL Mines raises Rs 150 cr to fund expansion plan
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First Published: Tue, Sep 18 2007. 05 00 PM IST
Updated: Tue, Sep 18 2007. 05 00 PM IST
PTI
New Delhi: Marble miner SVIL Mines has raised Rs150 crore through private placement of shares to Citi Venture Capital International to fund its growth plans, which includes brand building and launch of over 300 retail outlets across India.
“Our future expansion plans include setting up as many as 300 marble retail outlets across the country,” SVIL Mines Ltd Director Rajan Kaicker told reporters here.
He said the company would open five outlets this week in Delhi, Mumbai, Bangalore and Chennai.
“Citigroup has invested in SVIL through its $4.5 billion fund Citi Group Venture Capital International Growth Partnership fund,” CVCI Managing Director Ajay Rehlan said.
The company would also follow a franchisee model to set up the proposed 300 retail outlets. “We expect about 40% returns on the investments made in SVIL. While every other equity investor parking funds in IT and other allied sectors, we chose to invest in SVIL after seeing the marble market in India,” Rehlan added.
SVIL has a marble processing plant in Katni, Madhya Pradesh which was set up in technological collaboration with Italy-based GEO SRL. The plant has the capacity to process 5.9 million sq m of marble slabs and tiles per annum.
SVIL Mines is a part of the Floriana group and has invested over Rs 450 crore in getting access to Italian technology for marble processing.
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First Published: Tue, Sep 18 2007. 05 00 PM IST