Mumbai: Next, the retail arm of consumer electronics major Videocon industries, has acquired music and entertainment retail chain Planet M for Rs200 crore.

Next, which bought 100 per cent equity in Planet M from media house Bennett Coleman & Co, said it would invest Rs1,000 crore to open 500 stores over the next 18 months. Bennett, Coleman is selling Planet M as it wants to shed its non-core retail assets.

Videocon chairman V N Dhoot said Planet M, which has a huge brand equity, fits in well with the group''s retail ambitions. He said the group plans an over six-fold increase in Planet M''s turnover from around Rs150 crore now to around Rs1,000 crore.

"Watch out for our next move. We will invest Rs500 crore and have 1,000 Planet M stores all over the country," he added.

The company aims to clock a turnover of Rs2,000 crore by the next year, leveraging the Planet M brand to tap the young generation.

One of the leading players in the music industry, Planet M has 150 stores across 42 cities in the country. While a major portion of its turnover comes from the music and home entertainment business, the chain also sells iPods and console games like Microsoft''s X-Box.

Next, with around 450 outlets in 180 cities across the country, sells brands like Electrolux, HCL, Hyundai, LG, Next, Nokia, Onida, Kelvinator, Kenstar, Philips, Sahara, Samsung, Sansui, Toshiba as also its own brand Videocon. These may be added to Planet M stores.

Next currently offers an entire range of consumer durables from AC, LCD and Plasma TVs, home theatre systems to home appliances. Indian music industry is expected to post an annual growth of around 30 per cent every year to Rs8,700 crore in another four years, according to an Ficci-PwC report.