X-cite rubbishes exit rumour; to expand retail ops

Nov 21, 2009

Vehemently refuting what it called 'idle speculation rather than an impartial investigation of facts', consumer electronics retailer X-cite has said that far from shutting shop in India, it is instead poised to expand its store network into Delhi, reports IndiaRetailing.

Earlier, Financial Express had reported that Dubai-based Jashanmal group’s X-cite and Manu Chhabria-founded Jumbo Electronics, also based in Dubai, are looking at winding up their Indian operations.

Citing sources, the report also said X-cite is negotiating with Reliance Retail for a sellout.

Responding to this news, Ashutosh Saxena, head – marketing & products management, X-Cite, told IndiaRetailing, “The said piece of article is completely baseless and incorrect; far from selling out our chain, we are in fact in the process of opening our 7th store in Shoppers Stop, Rajouri Garden, Delhi by the end of the month."

X-cite is operated in India by Impact Retail, a franchisee of Kuwait-based Alghanim Industries, and promoted by Tony Jashanmal.

At present, the company runs six X-cite stores across India.