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Essar Steel, part of the Essar Group, is betting big on its retail venture for steel. The company has firmed up strategies that include an aggressive overseas expansion for the retail foray, to double turnover of the retail venture in the current fiscal from the Rs1,600crore last year.Girish Rao, CEO, Essar Hypermart, said, "The retail business acts as a buffer for the company and has helped us mitigate the risk of the slowdown and grow even while the industry was down."
The firm plans to open 20 steel retail outlets in Saarc region and gulf countries to cater to the increasing steel demand from the small and medium enterprises segment. "We plan to build our overseas operations in these countries where the market is fairly similar over a period of time," Rao said. Bangladesh, Nepal, Sri Lanka and Dubai are on the radar to start with. Currently, it operates three outlets in Indonesia.
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