Click to play videoNew Delhi: Reliance Retail is set to make huge investments in grocery stores across the National Capital Region around Delhi. The company has hit the capital with 9 food and grocery stores, which is just a fraction of the 100 stores it plans to open by April end.
Despite sky-rocketing land prices and sealing trouble, RIL has acquired 74 properties only in Delhi for a whopping Rs 2,000 crore.
Reliance Retail President Raghu Pillai told CNN-IBN that the company would spend Rs Rs 5000 crores, (one fifth of its total retail budget) in setting up stores in the NCR, primarily in Gurgoan and Noida.
“We plan to generate revenues amounting up to Rs 1,500 by our retail stores,” Raghu Pillai President & CEO Reliance Retail said.
According to sources Reliance plans to make some major acquisitions in the Pharma segment. The buzz is that after picking up Adani retail for Rs 150 crores, the company is eyeing generic drug manufacturer Cipla.
However, company officials refused to comment on the acquisition plans. “I think all the acquisition rumours are mere speculative. There are no confirmed reports to support that,” Pillai said.
Acquisitions or no acquisitions, Reliance is coming close to the heels of international retail stores like Walmart and Safeway promising Indian shoppers a world-class experience.
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