Lifetyle to invest Rs 450 cr in India

NEW DELHI: Dubai-based Landmark group on Friday said it will invest Rs 450 crore in India over the next three years to triple the number of its retail chains -- Lifestyle and Home Centre -- in the country.

"We would invest Rs 450 crore to triple the number of both our retail formats Lifestyle and Home Centre over the next three years. We would primarily target Tier I and metro towns across the country," Lifestyle Executive Director Kubir Lumba said.

The company would increase the number of Lifestyle outlets to 36 from the present 12 while it will take up the Home Centre outlets to 15 from five over the next three years, he said.

Lumba said the company would fund the expansion through a mix of equity, debt and internal accruals.

Lifestyle, which closed the last fiscal with revenues of Rs 500 crore, expects a 50 per cent jump in its revenues year-on-year.

"We are looking at increasing our turnover by nearly 50 per cent year-on-year," Lumba said.