Xcite

Tony Jashanmal, one of the promoters of the Middle-East business group Jashanmal, has struck a franchisee agreement with Kuwait-based conglomerate Alghanim to launch large format multi-brand electronics retail chain in India. The retail chain branded Xcite has been launched through an Indian firm Impact Retail, which is owned by Tony Jashanmal. Xcite joins the list of new breed of specialised electronics retail chains Croma, Ezone, Reliance Digital, among others. Alghanim, which has diversified business interests, including manufacturing and Xcite branded electronics retail chain in the Gulf, also operates Kirby Building Systems, which is engaged in pre-engineered building systems in India. As per the deal with Tony Jashanmal, Alghanim will lend its retail brand Xcite besides giving technical know-how. According to Impact Retail CEO Srikant Gokhale, the retail venture will also launch the private label brand Wansa, which is owned by Alghanim, to the retail business in India.“We are looking at investing Rs 200 crore in the venture by 2009. We have just opened our first store in Hyderabad and this year we will have eight stores in various locations, including Gurgaon, Pune, New Delhi and Bangalore. By 2009 we would have around 30 stores which would all be operated by us and are planning to concentrate on the top five brands in each product category,” according to Mr Gokhale.