Reliance to enter Retail segment with mega investment
While the younger brother is investing heavily in FM Radio and other ventures, Mukesh Ambani has plans to enter the Retailing segment with big investment plans to launch a new venture. Reliance Industries Ltd has just announced its plan to enter into the retail business with an investment of Rs 3,375 crores.
In addition, the group has also said that its subsidiary Reliance Petroleum would raise equity for their proposed plan for refinery and petrochemical projects in Gujarat. This is aimed at raising around Rs 28,000 crores for further investment. The company has not revealed much detail on both these upcoming plans, which are aimed to further expand their operations in the country.
RIL has plans to invest $750 million for setting up supermarkets/specialty stores across the country. Retailing is big business and has few competitors in its current form. Reliance wants to take advantage by starting early before the government opens up the doors for international firms to establish their ventures in the country. It is already clear that Wal-Mart has big ambitions to enter the Indian market.