SMTPL to set up more hypermarkets

Siri Mahamart Trading Private Limited (SMTPL), which is operating Magna hypermarkets in the state, has decided to spend Rs 100 crore to set up seven-eight new hypermarkets across the state.

"We want to set up Magna hypermarkets in about 5 lakh square feet area across the state in the next 12-18 months. The company would invest Rs100 crore for the purpose, K Anjaneyulu, chairman, SMTPL, told mediapersons here on Friday.

SMTPL already has two Magna hypermarkets "" in Hyderabad and Vijayawada. The third hypermarket was scheduled to be opened on Dec 18 at Gopalapatnam near Visakhapatnam, he said.

"Apart from this, we have plans to open hypermarkets in Hyderabad, Visakhapatnam, Rajahmundry, Kakinada, Tirupati, Warangal and Kurnool. We are expecting our turnover to touch Rs 350 crore within three years," he added.