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India: reliance plans aggressive expansion

Reliance Retail is reportedly set to raise Rs.45bn ($900m) from parent group Reliance Industries, to help fund an aggressive expansion of its various formats across India. The group, India’s second-largest retailer, said it will use the money to open "several big-box stores as well as in expanding aggressively in the consumer durables and apparel formats".

The report said Reliance will double the number of its consumer durable stores and increase the number of apparel stores by 30%. It currently operates around 1,200 stores in 86 cities across India, with its grocery outlets accounting for half of the stores.

Reliance has not yet commented on the report, which added that the funds are likely to come in several tranches.

Source: www.kamcity.com

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