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Reliance Retail in JV for optical stores
By siliconindia
Mumbay: In order to open stand-alone optical stores throughout India, Reliance Retail has formed a 50:50 joint venture (JV) with Europe's HAL Holding NV.
The joint venture proposes to seek permission from India's Foreign Investment Promotional Board, which approves and regulates foreign investment in the country, to operate stores here, said a person involved in the deal, requesting anonymity.
The source added that the joint venture hopes to roll out its stores by September and expects to have a "large network" of outlets across the nation but declined to share numbers.
Both the Reliance spokesperson and the HAL office in Amsterdam were unreachable for immediate comments.
Currently, optical products are sold through Reliance?s health and wellness speciality stores but the person said that in coming months Reliance?s hypermarkets and other formats will start selling HAL's products.
Reliance's grocery stores have become the most visible sign of the spread of organized retail. For that reason, they have borne the brunt of attacks from small store owners and political activists protesting the spread of organized retail. Some states have barred the opening of modern retail stores and the Union government has commissioned a New Delhi think tank to conduct a study on the impact of organized retail on small store owners. An earlier Mint report on the study?s findings, which are yet to be made public, said the growth of organized retail had hurt small store owners.
Reliance is also trying a hand at non-grocery speciality stores, including apparel, footwear and jewellery, among others, and in coming months, according to company officials, more tie-ups with overseas retailers are expected to take shape.