IndiaRetailBiz

“Religare wants to go a step beyond its competitors.”

Flush with cash after selling the entire promoters’ stake in Ranbaxy– the country’s largest pharmaceuticals company, the Singh family led by Malvinder Singh and Shivender Singh, is believed to be now focusing on accelerating the pace of growth of Religare Enterprises– the group’s integrated financial services company.

Religare, according to an ET report, will set up a chain of multi-product, multi-brand, one-stop financial services  retail stores called “Finmart.” These stores will offer offer financial services to individual customers. According to sources, Religare may set up around 200 Finmart retail store across the country at an investment of Rs. 100 crore in the next one year.

These retail stores, occupying around 300 to 400 sqft of space, will offer personal financial services mainly in the area of investments, insurance and loans to individual customers. A significant amount of funds has been set aside for promotion of the brand.

Incidentally, Anil Ambani-led Reliance Capital is already offering similar services across the country under the brand name of “Reliance Money.”

Although, Religare has refused to offer details on the retail initiative, the company has not only hired the management team, but has also recruited staff of about around 1,000 peopleto assist in the operations.

The first “Finmart” store is expected to be launched in New Delhi, within a week.

The Singh family is also engaged in setting up another retail chain in the area of healthcare. The retail chain of pharmacies has already begun setting up retail stores under the brand name of “Fortis Healthworld” across the country.