Reliance Retail gets into money, finance, travel
Reliance starts a division called money, finance and travel that will deal with financing for retail customers, report Suman Layak and Indulal PM.business Updated: Aug 22, 2007 21:41 IST
Reliance retail has started off a division called money, finance and travel that will deal with financing for retail customers, loyalty programmes and in-house travel.
Sources said that the company has brought in Murlidhar Kadava from American Express to head the division. Sanjay Chaturvedi has been roped in from Citibank to handle the finance and loyalty programmes. A Reliance spokesperson, when contacted, refused to comment on the development.
Industry sources said that the division is now engaged in financing of consumer durables at Reliance stores. It will also start a loyalty programme soon for its existing 1.7 million customers. “Anyone buying goods more than Rs 45 will be offered a Reliance-one card.”
The travel activity will be confined to in-house travel requirements for the time being. Sources indicated that the in-house travel needs of the group are around Rs 400 crore and the group is also considering external activities later.
Industry sources said that the company has plans to run mini-cabs in the city and is working on a plan to buy-out auto rickshaw licences for the purpose. The exact contours of the deal are not clear, but the company was toying with the idea of launching a smaller vehicle for transportation within Mumbai city, that can replace the auto rickshaw.
Reliance Retail is setting up stores of different sizes all across the country, starting from Reliance Fresh stores that sell food and grocery items to Reliance Hypermarkets that are in to large-format retail. Reliance Industries has planned investments of nearly Rs 25,000 crore for the retail expansion.