SORIL Infra Resources Ltd Merged Company Summary

SORIL Infra Resources Ltd Merged Summary

Store One Retail India Ltd (formerly known as Indiabulls Retail Services Ltd) is the retail arm of Indiabulls Group, a business conglomerate catering to the entire Indian consumption space. The company operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. They are engaged in retail business of lifestyle, food, home and personal care products.The company has a brand presence with 44 stores located in eight cities with an operation area of 596,000 square feet. Of these 44 stores, eight are lifestyle stores, which are run as Indiabulls Megastore, 36 are super mart stores which are run as Indiabulls MartIndiabulls Megastores are one-stop lifestyle shopping destinations offering assortment across apparels, accessories, fragrances, cosmetics, footwear, home furnishing and decor products. Indiabulls Marts sell groceries and other daily need products in Mumbai, Pune, Nagpur, Ahmedabad, Jaipur and Indore.Store One Retail India Ltd was incorporated on March 18, 2005 as Piramyd Retail Ltd to engage in the business of retailing of apparel, food, home and personal care products. In March 28, 2005, the company took over the net current assets and capital work in progress of the retail business of Piramyd Retail and Merchandising Pvt Ltd for a total consideration of Rs 1,803 lakh. In April 1, 2005, they took over the fixed assets and net current assets of Crossroads Shoppertainment Pvt Ltd for a total consideration of Rs 234.6 lakh. The company commenced their operation by taking over the retail business at 3 megastores previously operated by Piramyd Retail and Merchandising Pt Ltd in the cities of Mumbai, Pune and Nagpur as well as 5 supermarkets operated in the past by Crossroads Shoppertainment Pvt Ltd.During the year 2005-06, the company made an initial public offer of 9,000,000 equity shares having a face value of Rs 10 each at a premium of Rs 110 per share, aggregating to Rs 108 crore. In January 2006, the company launched 2 Megastores and 3 supermarkets. During the year 2006-07, the company aligned TruMart, the FHPC Supermarket business of the company as a separate SBU. TruMart entered new cities like Nagpur, Jaipur and Ahmedabad and taking their number of operating stores to 26.In September 2006, they launched their second megastore in Pune and in December 2006, they launched their first store in Jaipur.During the year 2007-08, Indiabulls Wholesale Services Ltd, a 100% subsidiary of Indiabulls Real Estate Ltd acquired 12,783,000 Equity shares of the company representing 63.92% of the paid-up capital of the company from their erstwhile promoters. Thus, the company became the subsidiary of Indiabulls Wholesale Services Ltd. In June 2007, the company launched 4 supermarkets at Ahmedabad, 2 supermarkets at Jaipur and 1 supermarket at Nagpur. In September 2007, they launched 2 supermarkets at Indore & 1 supermarket at Jaipur and Ahmedabad. In December 2007, they launched 1 Megastore at Shalimar Bagh, Delhi and 1 Mart each at Indore and Mumbai.In March 2008, they launched 3 supermarkets at Ahmedabad and 1 supermarket each at Bhopal and Jaipur. They also reopened 1 Megastore in Shahdra, East Delhi and launched a new Megastore in Ahmedabad.The company changed their name from changed from Piramyd Retail Ltd to Indiabulls Retail Services Ltd, pursuant to acquisition of controlling majority stake in the company by an Indiabulls Group company with effect from May 22, 2008.In June 2008, the company launched 2 supermarkets, 1 each at Rajasthan and Madhya Pradesh. As a part of their restructuring initiatives, the company closed 7 megastores, 30 marts and opened 1 hypermart during the current financial year 2008-09.The company changed their name from Indiabulls Retail Services Ltd to Store One Retail India Ltd with effect from October 6, 2009.