Kshatriya ventures intosupermarket business

NEW VENTURE: Listed firm Kshatriya Holdings Limited which has interests in property development, apparel, financial services and food and beverage, announced its entry into the supermarket business by formalising an agreement with the owners of “King’s Super” chain of supermarkets for the purchase of the brands and assets of its 10 supermarket outlets.

Sri Lanka has seen a growth in the supermarket industry mainly due to the growing middle class. Kshatriya is therefore keen on capitalising on the present low penetration of supermarkets.

Kshatriya Holdings Limited, Group Managing Director, Harsha de Silva said the decision to enter the supermarket industry is to drive synergetic benefits within existing group companies and is in line with the Group’s overall plan of strategic diversification.

King’s Super boasts of a turnover in excess of Rs. 1 billion from its present 10 outlets for the last financial year and the new management is expected to contribute significantly towards revenue and profits of the Group.