Landmark may go public
Bangalore: NRI Micky Jagtiani founded Landmark group, a Dubai-based retail firm plans to go public. The company plans to raise capital through multiple floatation, which includes a possible listing on Indian stock market. Landmark is aggressively expanding the $2 billion chain and is working on floatation in Saudi Arabia in 2008, and may follow up with listings in Dubai as well as India. "We are working on floatation. We will go for one in Saudi Arabia this year. There could be another listing in the Middle East during 2009, and maybe in India," said Jagtiani, Chairman, Landmark Group. According to financial agencies the listing of Landmark in multiple bourses could make Jagtiani one of the richest Asians. The company is all set for two major retail acquisitions, one each in the U.S. and the UK as part of its business expansion strategy. It will invest about $10 billion for these acquisitions. "The deal is at the bidding stage but we are looking at investments in developed countries for growth," said Jagtiani. Landmark has launched its new retail shopping mall in Bangalore - Oasis Center. The mall houses its global retail stores like Lifestyle, Max, Home Centre, Baby Shop, Emax, Shoemart and hypermarket SPAR. The Group has 13 lifestyle stores, five Home Centers and two Spar stores in the country and is planning to increase the number over next three years. "We are looking at the hospitality sector too for growth, but we are still early in the learning curve," he said. The company is also planning acquisition targets in India. "If anybody is up for sale, we are here to talk to them. But there are only five-six professionally-operated retail majors in the country, and I wonder if they would be interested in buying out each other at this stage," he added.