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Diversification plans in Retail business to be launched in West Bengal by Reliance Retail Ltd

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The President of Reliance group said in a statement made in West Bengal during the course of the week states that they are in a bid to make their entry into the state and chalking out plans for the same. The group which stretches in 57 locations and owning nearly 500 all over India stores wants to start their business in West Bengal and the matter is being taken up by their Board of Directors.
As per sources quoting www.propertykhazana.com, to expand their business, they have to purchase property. The outlet of Reliance group sold varieties of items in July last in Mumbai. During the initial 17 months of its launching its maiden store, it registered a minimal loss of INR1 crore
During 2008, its annual sales were only 1% of the total sales of INR 1.40 trillion of Reliance Industries. As per sources from www.propertykhazana.com, the Retail group owns 3.5 million sq.ft space and earmarked INR 25,000 for the same for the coming years which witnessed turmoil from mini outlets and bulk vendors which in turn affected its diversification plans. The group has thus pumped in INR 4,400 crores in Reliance outlet by way of equity and preference shares. As per the annual report Reliance Industries holds a stake of 98.74% in the retail undertaking. For further details refer to www.propertykhazana.com.
Source: NBTVLIVE

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