Consumer durables company Videocon Industries has acquired Planet M, the music retail arm of BCCL (Times Group), for Rs 200 crore, reports Business Standard. The acquisition is by Videocon’s retail arm – NEXT. Interestingly, BCCL itself is an investor in Videocon.
Planet M has 150 stores in 42 cities, and has a turnover of around Rs. 150 crore, reportedly growing at 40 percent year-on-year for the last four years; Videocon wants to push this turnover to Rs. 1000 crore by investing Rs. 500 crore, with a target of 1000 stores. NEXT is targeting Rs. 2000 crore in turnover by next year. Planet M was set up by BCCL in 1999. Other players include RPG Group