
There has been a complete failure, resulting in an operational and fi nancial loss. We have only 23 per
cent stake in the company, we will do anything from our side that can be done to salvage the company.
ICICI venture has a fi duciary responsibility towards its investor.
– Renuka Ramnath, Chief Executive Offi cer (CEO), ICICI Venture, in February 2009
There was no prudence; (there was a mismatch) between what the real consumer demand was and
the number of stores opened. Retailers have spread themselves too thin to benefi t from scale.
– Pinakiranjan Mishra, Partner of Retail and Consumer Product Practice
at Ernst & Young, in February 2009
THE