New Delhi: The Essar Group, which holds a minority 33-per cent stake in Hutch-Essar says that it will invest between $250 and $300 million (Rs1,100 and Rs1,350 crore) over the next three years.
"We will invest 250-300 million dollar over the next three years to set up 2500 'The MobileStore outlets' across the country," Essar Telecom Retail CEO Rajiv Agarwal said.
Modi said, "We are planning to take the number of our Hot Spots to 400 by the end of this year and 1,500 by 2008 end. It has already set up 50 such outlets in Delhi and these retail chains will be the window to the telecom customers in India. We are expecting revenues to the tune of Rs 800 crore in the next fiscal from Rs 200 crore currently."
The Mobilestores venture is the Essar Group's retail initiative in the telecom sector under Essar Telecom Retail. The multi-service outlets, the Mobilestore, would offer handsets, mobile accessories, new connections, value added services, after sales support and bill payment facilities.
Rajiv Agarwal, CEO, Essar Telecom Retail, told reporters that it had targeted a 15-per cent market share of the country's Rs35,000 crore mobile market, growing at an annual rate of 60 per cent.
The company currently has 60 mobilestore across India, including 21 in Delhi. "We are also looking at opening up of 4,000 touch points in the form of stores, kiosks and shop-in-shops," Agarwal added.
The stores would be set up in three formats – large, medium and send this article to a friend compact besides shop-in-shops in malls and large retail outlets, he said, adding the outlets would also offer electronic products such as digital cameras, ipods and other gaming devices.