Need to Know | Celebrity Fashions aims at Rs500 crore turnover

Need to Know | Celebrity Fashions aims at Rs500 crore turnover

Bangalore: Chennai-based garment exporter, Celebrity Fashions Ltd, which sells apparels under the Indian Terrain brand, expects to post a turnover of more than Rs500 crore in three years. The company, which launched its womenswear and accessories range on Monday to increase its portfolio from menswear only, says it aspires to become a complete lifestyle brand and that it may look at venturing into hospitality and footwear later. With its new women’s line, Celebrity Fashions now expects Indian Terrain to contribute Rs250 crore to its over all revenues in 36 months, with Rs75 crore coming from the womenswear and accessories line. Last year, the brand had clocked in revenues of Rs100 crore. “We see a huge potential in women’s western wear segment. Our highlights would the ‘fit’ and ‘in-between sizes,’" says Charath Narsimhan, chief executive, Indian Terrain. The company plans to have 15 flagship and 100 small Indian Terrain stores in the next two-three year, investing Rs20 crore. The expansion would be funded through internal accruals says V. Rajgopal, managing director, Celebrity Fashions.

The company’s major stakeholders as of 30 September include New Vernon Private Equity Equity Ltd, which has a 19.07% stake, Bennett, Coleman and Co. Ltd with 7.38% and Reliance Capital Ltd with 6.49%.

- Deepti Chaudhary

Essar may share KPRL stake with Tamoil

Mumbai: The Kenyan government has asked Essar Oil Ltd to split the 50% of Kenya Petroleum Refineries Ltd (KPRL) that Essar was planning to acquire with other firms. Essar Oil had planned to buy the KPRL stake from private oil firms. An Essar spokesperson said the Kenyan government has asked (the company) to share the stake with other companies, “but we are yet hear from KPRL on this issue." Libya’s Tamoil Africa Holding Ltd may now share the 50% stake with Essar equally.

The remaining 50% stake is held by Kenyan government. Essar Energy Overseas, a subsidiary of Essar Oil, in January had entered into an agreement with KPRL to acquire the stake.

Mint had exclusively reported on Tuesday that Essar’s bid for the Mombassa-based refinery ran into trouble. ‘Business Standard’, on its website, on Tuesday evening reported the splitting of Essar’s proposed acquisition of 50% stake, quoting an unnamed Essar official.

- Staff Writer