Reliance (Q, N,C,F)* Retail is all set to enter the national capital region (NCR) from Monday to start Western-style convenience stores, with an estimated investment of Rs 80 billion, reports Financial Express.
The company, which entered organised retail last year through food retailing outlets, will be opening nine `Reliance Fresh` stores across Ghaziabad, Faridabad, Gurgaon and Noida.
Reliance Retail has lined up Rs 250 billion investments over the next five years for its retail business, of which it intends to spend Rs 80 billion in the NCR, sources said.
The company had recently announced that it spent around Rs 10 billion in two days for the purpose of acquiring commercial properties in the national capital.
Reliance Retail has acquired a property at Vikaspuri in West Delhi valued at around Rs 2,800 million, sources said.
The company has also acquired seven properties valued at around Rs 7 billion. Out of these, six were at Dwarka near the Indira Gandhi international airport and one at Rohini in West Delhi.
Source: IRIS NEWS DIGEST (05 February 2007)
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