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NRIs from Gulf Plan Retail Foray in Kerala
Friday, January 25, 2008

A group of Gulf based Keralite NRIs plan to enter into organised retail in a big way. The venture known as ISMA Farms Ltd plans an investment of Rs.100 million ($2.5 million).


ISMA stands for Investment Scheme of Malayali Associates, which aims to create employment and investment opportunities for those who have returned from the Gulf.


According to the groups managing director the group will open two hypermarkets in Kozhikode district. The first one will be at Nadapuram (60 km from Kozhikode) and it will be opened before July. The next one is at Vatakara (40 km from Kozhikode.


The hypermarket at Nadapuram will have a floor area of 9,000 sq ft. ISMA, which is registered as a public limited company, will also open retail outlets in the districts of Malappuram and Palakkad.
The capital for ISMA is collected as shares from Keralites in the Gulf. The minimum investment is Rs.100,000 ($2,500). ISMA currently has 100 shareholders.

 

 

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