Reliance acquires Adani Retail

The Economic Times reports that Reliance Retail made its first major acquisition in the domestic market by buying Gujarat based Adani Retail for Rs. 1-1.10 billion. Reportedly, other companies such as Subhiksha, Trinethra and Tata’s were also interested in purchasing the company. The purchase will give Reliance access to 54 stores in a variety of formats such as neighborhood stores, supermarkets and hypermarkets in 9 cities in Gujarat. The company’s infrastructure and sourcing facilities are an added advantage for Reliance.