iStreet Network is planning to set up 1100 ‘iStreet Bazaar’ stores by end of financial year 2014-15. The board of directors at its meeting held on April 05, 2014 has discussed and approved for the same. The board also approved the proposal of raising funds for the project iStreet Bazaar up to Rs 100 crore in phased manner in various form like equity / debt / bonds - convertible or otherwise, in accordance with and subject to regulatory compliances / limits, investors' compliances, project requirement etc.
Further, the board also reviewed and approved its earlier decision of disposing off non productive assets mainly manufacturing machineries and related assets. The board has also authorized Managing Director & CEO to take necessary steps in this direction and sign all the necessary papers, as may be required to execute the transaction.
iStreet Network had started with trading activities in 1995. The company has setup a multipurpose manufacturing plant in Gujarat to manufacture Active Pharmaceutical Ingredients (APIs) and Intermediates.
