Reliance Retail is renewing its efforts to foray into India's cash-and-carry sector.
The move comes after the company abandoned earlier efforts to enter the market in 2009 citing adverse market conditions.
The company has already identified locations for the new outlets and work on construction has begun. The new programme represents a scaling down, however, of the company’s initial plans to develop 15 locations, mainly in tier-two centers such as Jalandhar, Ludhiana, Rajkot, and Salem, reports the Economic Times.
“The company is back with a bang. It is soon going to announce its revived cash-and-carry business plans and will open three outlets over the next six to eight months,” an unknown source told the Economic Times.
The move looks likely to pit Reliance against global retailers queuing to enter the Indian market on speculation the country will ease FDI norms in both the wholesale and retail formats.
Reliance will not enter into any foreign joint venture but will go it alone on the business, the source said.
Earlier in the year Reliance hired former chief marketing officer and director at Tesco Lotus, Thailand Gwyn Sundhagul, to head its value format stores and spearhead its wholesale plans.
No comments yet