Essar Hyper mart rolls out 100th departmental store in India

Essar-HypermartToday at Ranchi, Essar Hypermart, which is India's primary steel retail chain by Essar Steel, rolled out its hundredth store in India. With this opening, Essar Hypermart now has 100 hyper marts and 419 express marts athwart the nation. Recently the Hypermarts' sale records for 25 per cent of Essar Steel yearly earnings. But its involvement is positioned to budge. Further as the group devices to augment the number of express marts and hypermarts to 126 and 650 in that order, crossways India by March in the coming year.

Essar Steel is crafting an added investment of $1 billion to precede its Algoma steel plant in Canada at broad capability, at 4 million tons per annum. It procured the Canadian capacity for $ 1.6 billion in 2007.

In an additional expansion, the group has determined to be bullish over extension of its retail wing in India by placing up 125 hypermarkets and 650 express markets by the conclusion of the fiscal. According to Essar Steel chief executive officer Malay Mukherjee, on the tangential of a press conference, when Essar grabbed Algoma in 2007, the plant with two blast furnaces, out of which just one was functional, was competent in producing only 1.2 million ton per annum.

After additional renovation of the functional blast furnace, the fabrication was taken up to on top of 2 million ton.