Major Indian retailer Aditya Birla Retail Ltd (ABRL) has announced it intends to open 150 supermarkets and 12 hypermarkets in the current fiscal year, according to a report in the Hindustan Times.
The company, which operates 560 supermarkets and 10 hypermarkets at present, has earmarked Rs3bn for the developments, the newspaper reported.
ABRL chief executive officer Thomas Varghese sought to underline the value of modern retail in India through its potential to create jobs. “We may hire over 4,500 staff on direct payroll under the expansion plans,” he said.
According to the report leading retail firms are pushing for the government allow Foreign Direct Investment (FDI) in multi-brand retail. “We are in talks with the government. The opening of retail FDI will create over 8m additional jobs in the Indian economy by 2020,” said Mr Varghese.
At present 100 per cent FDI is allowed in wholesale and 51 per cent FDI in single-brand retail.
