Mumbai: Tata Group will invest over Rs 400 crore as equity in Infiniti Retail Ltd, its new arm, to sell consumer goods and electronics, according to Tata Sons Director R Krishna Kumar.
Speaking on the Group's retailing plans, Krishna Kumar said: ''We are very sharply focused on retail, and the foray into consumer electronics and durables will further strengthen Tata's presence in the growing retail industry in India.''
Accordingly, Infiniti Retail has entered into an agreement with Australia's largest retailer Woolworths to source products for the venture.
Further, he said Infiniti Retail would initially set up 30 large consumer electronics and durables stores, and gradually ramp up to have 100 stories in the next few years.
Trent Ltd, another retail company from the Tata stable, operates Westside, one of India's largest and fastest growing chains of retail stores, with a turnover Rs 246.1 crore (FY 2004-2005).
The chain currently operates 21 stores in major metros and mini metros of India. Its Chairperson is Simone Tata and Managing Director is Noel Tata.
Retail consultancy Technopak Advisors has estimated the size of India's retail industry at about $300 billion and forecast it to grow to $427 billion in 2010.
Presently, branded retail makes up only three per cent of the market as compared to China's 20 per cent and Thailand's 40 per cent.
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