Gujarat based Adani Retail is now part of Mukesh Ambani’s Reliance Retail Ltd. Reliance outbid several major retailers like Subhiksha, Trinethra and Pantaloon Retail India Ltd to close the deal at Rs 110 crores [$21 Million]
This will give Reliance Retail access to 54 retail locations spread across 9 cities in Gujarat in various store formats [ Neighborhood, Supermarkets and Hypermart] 32 of the 54 stores are owned by Adani Group which will give Reliance Retail a breather because of the rising commercial Real Estate prices in India.
In a separate development, Reliance Retail is also in talks to BUY Maratha Chain of retail stores spread across various locations in the financial capital of India, Mumbai. Maratha chain of stores have 20 stores in Mumbai spread across 75,000 sft with stores ranging from 500 sft to the largest one at 7,000 sft. Earlier this year, Reliance Retail India Ltd pumped in more than Rs 200 crores to obtain a long term management lease of 18 Sahakar Bhandar stores in Mumbai.