Reliance Retail likely to purchase Ruby Mills for Rs 400 crore

The Economic Times reports that Mukesh Ambani’s Reliance Retail is likely to purchase Ruby Mills in Dadar for approximately Rs 400 crore to set up Mumbai’s largest hypermarket. Senior officials have had a series of meetings with Manharlal Chunnilal Shah, executive chairman of Ruby Mills for the past few months and are likely to sign a deal in the next few weeks. According to sources, Reliance had earlier shown interest in Kohinoor Mills, also located in Dadar, which was eventually bought by Matoshri Realtors, promoted by Raj Thackery-Unmesh Joshi for Rs 400 crore.