Wednesday, December 13, 2006

Birla Group finalizing retail plans

The Economic times reports that the AV Birla Group announced that it will be starting operations in the next 7-8 months and is likely to form its own retail business, without tying up with any foreign player. According to sources, the Birla Group is likely to invest Rs 5,000-6,000 crore in the initial phase of their retail venture, partly financed by Birla TMT Holdings.

The company’s retail venture is likely to be centered around smaller cities, such as Jalandhar, where the company recently acquired land. Company executives say the focus will be on using the existing infrastructure. There will a combination of large and small stores, with multi-format stores focusing on food and grocery and general merchandise.

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