DMart Expands Reach with Land Acquisition in Mumbai's Chandivali

DMart, led by billionaire Radhakishan Damani, purchased a 1.2-acre plot in Mumbai's Chandivali for over Rs 117 crore. The land, with an existing industrial structure, is set for potential development into a retail center or commercial building. DMart secured an additional floor space index (FSI) for expansion, highlighting ambitious plans for the site. The transaction, registered on May 6, incurred a stamp duty of Rs 7.03 crore. Despite attempts for comment, DMart remained silent.

The company aims to open 40 outlets annually, recently launching a store in Gujarat. In contrast to competitors, DMart opts for outright property purchases. As of FY 2023-24, DMart reported a net profit of Rs 2,536 crore and revenue of Rs 50,789 crore.