Bali to open at Bali resort in Gujarat
New Delhi: Bali will open its first retail store in the capital on Thursday with a five-storey building at the village of Tandam in Ahmedabad’s Bulgari district.
The company, which has been looking for a buyer for the past few months, said it had secured the financing from a private sector consortium that had partnered with Bali and its partner companies, Bharat Industrial and Services Pvt Ltd (BISPL) and The Bulgarian Cultural and Cultural Centre (BACC).
The new store is expected to employ 10,000 people, including 10,400 in its retail sector and 10,600 in its hospitality and catering.
It will have a capacity of 4,000.
The move comes after Bali, which is in the process of building a brand new hotel at the Taj Hotel in New Delhi, raised its capital from a record-breaking $200 million in December.
Bali’s move comes at a time when the company has been struggling to raise money and attract new investors.
The company said in its financial results that it had spent $20 million in the past 12 months and has a debt-to-equity ratio of over 4-to 1.
Balis recent financial struggles have not gone unnoticed.
In the most recent quarter, Bali’s net debt stood at $15.2 million, the third-highest among the top 20 Indian private firms, according to an analysis by Bloomberg.