Reuters reports that Reliance Retail’s first store, a food and grocery format store called Reliance Fresh open its doors today and now that the company’s first store is off the ground, Reliance will be rapidly expanding. The company will be investing $5.6 billion to establish a chain of hypermarkets, supermarkets, discount stores, department stores, convenience and specialty stores across the country.
Raghu Pillai, President (operations) of Reliance Retail, said that there will be lots of action in the second quarter of next year, when stores will open in several formats across the country. He added that the company was likely to post a turnover of $22 billion by the end of the 2010/2011 financial year. Reliance plans to be in 784 cities and towns in India by the year 2010/2011.
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