Leading Indian manufacturer Godrej Industries has announced plans to increase outlets of its premium gourmet stores, Nature’s Basket, over the next three years to up to 40 stores.
Nature’s Basket currently has 26 stores located in Mumbai, New Delhi, Gurgaon, Pune, Hyderabad and Bengaluru, according to the company's website.
Godrej Industries chairman Adi Godrej cited the chain’s increase in store sales as the motivation for the decision to expand.
The company’s expansion plans for the next three years will focus solely on first-tier cities. Godrej has ruled out working with a foreign partner in the immediate future as Nature’s Basket does not qualify for foreign direct investment (FDI) under current rules.
“If the rules are changed later, we might look at it,” Godrej told analysts. “But currently, we will run it as a 100 per cent subsidiary of Godrej Industries.”
