New Delhi based Vishal Retail, promoters of garment retail chain Vishal Mega Mart, is planning to diversify into the fast moving consumer goods (FMCG) segment to leverage on its strong network of retail chains.The company plans to market products like mineral water, tooth-brushes under its brand name after sourcing them exclusively from contract manufacturers. "We plan to double our garment production capacity to about 10,000 cloth pieces a day, by year-end," R C Agarwal, chairman and managing director, Vishal Retail said.Vishal Retail has announced its plans to mop-up Rs 110 crore through a initial public offer (IPO). The IPO, with a price band of Rs 230 to Rs 270 for equity shares of Rs 10 each, opened today and would close on June 13.Vishal Retail will use the IPO proceeds to open 22 of the total 32 new outlets it plans to open across the country, taking the total number of its retail stores to 84. Funding for the other ten stores would be through internal accruals and bank finances.Vishal outlets are envisaged to sell around 7,000 products of household needs, including garments, food, footwear, home furnishing, toys and games, sports and fitness, cosmetics, gifts and lifestyle items.
