Rel Retail to enter cash-and-carry biz by opening 3 outlets

Thursday, 23 September 2010, 08:35 IST
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Mumbai:Mukesh Ambani-led Reliance Industries Limited's (RIL) retail arm, Reliance Retail, plans to enter into the cash-and-carry business by opening at least three outlets in the next six to eight months, a source said. In early 2009, the company had jettisoned plans to enter into the wholesale trading business, citing the adverse market conditions as its reason for doing so. Some top company officials had also quit at the time. "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," the source told PTI here without divulging further details. As per existing plans, Reliance will not enter into any foreign joint venture, but will go it alone on the business, the source said.
Source: PTI
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