Vishal Retail to raise 2 bln rupees by Nov - CMD

NEW DELHI (Reuters) - Discount retailer Vishal Retail Ltd will raise 2 billion rupees by November to fund expansion plans, a top official said on Monday, without disclosing details.

"We are in talks," Ram Chandra Agarwal, chairman and managing director of the New Delhi-based retailer told Reuters.

In July, Vishal Retail had said the funds will be raised via share sale when market conditions improve.

The firm will continue with expansion plans despite concerns of an economic slowdown, as shoppers switch to "value retailers," which offer better bargains than neighbourhood grocers.

"Demand continues to be strong," he said.

Earlier in the day, Agarwal told an annual shareholder's meet that the firm will open 50 more stores by March 2009 to take its total store count to 190.