Last October, we were the first one to break the news about Reliance Retail and Bata. Just a while ago, sources have confirmedabout the deal.
Reliance Retail, as part of its retail strategy, is reportedly foray into footwear retailing and is tipped to sign an agreement with Bata India. According to the plan, Bata would sell footwear brands of Reliance Retail and, in return, Bata products would find space on Reliance Retail’s shelves.
Reliance Retail has given a Letter of Intent (LOI) to Riverbank Holdings, Bata’s joint venture company in Kolkata, for setting up a hypermarket and non-footwear specialty store in the township.
Riverbank Holdings is a 50:50 joint venture between Bata India and the Calcutta Metropolitan group for the makeover of the 257 acre Batanagar project in Kolkata