Kozhikode: A band of retired government officers of Department of Civil Supplies has floated a public limited company to start a supermarket in the city. The new venture will commence operations at Puthiyangadi from Wednesday.
The directors of the company, Varrruns Hyper Market India Limited, say they plan to start a chain of such department stores across the State. So far 40 retired officials have joined the company.
“We have pooled the capital of Rs.8 lakh each from five directors and debenture of Rs.1 lakh each from the remaining others. Two shares worth Rs.1,000 were also given to each family,” T. Unnikrishnan Nair, managing director, said here on Tuesday. He said that the idea of starting a venture struck the officials at a get-together in September. Soon several members from Kozhikode, Koyilandy and Vadakara expressed their willingness to cooperate with the business enterprise. “Now we have shareholders from most parts of the State,” he said.
The owners hope that the experience they gained in successfully running the State-owned enterprise will help them to productively run the new company. “Goods will be sourced from dealers and main distributors. The discount will be passed on to customers. All products will be sold at reasonable rates and below the maximum retail price,” Mr. Nair added. The 2,500-sq.ft. market would have modern facilities and ample parking space, he said.