From correspondents in Tamil Nadu, India, 06:38 PM IST

This has reference to a recent press report relating to plans for the Promoters to sell their stake in the company - the reports are completely baseless and not in synch with facts. The company is on a aggressive growth path and will double turnover this year . The company has also announced a 2 mn sqft entry into consumer durable retailing. Given that the company is on a aggressive growth mode there are no plans at all of any stake sale by promoters. The purchase of a 10% stake by entities related to Mr Azim Premji in our company was also a sale by ICICIVenture and not by promoters. The company's business model of small format neighborhood retail has been copied by everyone and is accepted widely as the India relevant grocery retailing model. With inflationary pressures making lo price high discount Subhiksha even more a attractive shopping destination Sales have been better than before. Mr R Subramanian MD said that the promoters had no plans to sell any stake and that such rumours were floated every time the company undertook a major expansion referring to similar rumours which were floated 2 years back which also proved baseless. The promoters have not been in discussions on stake sale with anyone whatsoever he said - there is huge opportunity to grow the business and in fact Subhiksha would look at more acquisitions a year or so later when some of the newer retail entrants may be on the block.

Source: Press Release Distribution via India PRwire