Friday, January 05, 2007

Adani Group begins process of selling to Reliance

The Economic Times reports that the Adani Group has begun the process of selling its company to Reliance and its employees are being interviewed by Reliance for integration into the company. According to a company source, “Reliance is interviewing the executives and will retain the efficient candidates.” Both sides have not yet spoken about the value of the deal, although sources suggest it could be around Rs. 200 crore.

Adani operates 54 stores in nine cities in the state of Gujarat. The company is in the process of clearing its existing stocks and has introduced special schemes to attract consumers. All stores will be renovated by Reliance which will be completed in the next 2-3 months.

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