Gitanjali Group acquired a 76 percent stake in Salasar Retail as part of its retail expansion strategy in India.
The Salasar chain will be re-launched as "Maya by Gitanjali Lifestyle" and offer jewelry and different lifestyle products. Salasar opened its first outlet in Raipur in 2002 and now has ten multi-story department stores in northern India.
In addition, Gitanjali announced that it will open Maya stores in other parts of India and that it expects these stores to generate an additional turnover of about $214.4 million during the next three years, with about two-thirds of this amount to be derived from jewelry sales.
Gitanjali also reported plans to add up to 1.5 million square feet of retail space to its portfolio of stores in the next year and a half through a revenue sharing model.