Reliance to enter consumer durables, electronics market
Reliance Industries Ltd launches retail stores called Reliance Digital which will sell consumer electronics and other household appliances.business Updated: Apr 24, 2007 15:38 IST
Mukesh Ambani's Reliance Industries Ltd on Tuesday launched a second group of retail stores called Reliance Digital which will sell consumer electronics and other household appliances.
The first of the stores was unveiled at the Shipra Mall at Indirapuram in Ghaziabad on the outskirts of the national capital.
"These stores will be spread in an area of 15,000-35,000 square feet. We are planning 150 Reliance Digital mega stores in 70 cities over a period of three to four year," Ajay Baijal, chief executive for Reliance consumer durables unit, told a press conference in New Delhi.
He said these stores would retail some 4,000 products of over 150 brands covering consumer electronics, home and kitchen appliances, computers, televisions, accessories other personal durable products.
The company had earlier launched Reliance Fresh retail stores in November last year, with an investment of $5.6 billion, for selling fruits, vegetables, staples and dairy products.
"Since the opening of Reliance Fresh in Hyderabad six months ago, the group has opened over 130 more stores in 17 cities in 10 states," Baijal said.
"Apart from selling consumer durables, we will offer attractive finance options to our consumers and also extended warranties and guarantees," Baijal added.
The Reliance Digital foray is part of the group's plans to invest over $5 billion in multiple formats of malls, hypermarkets, discount stores, supermarkets, specialty stores and convenios.
Retail in India is estimated to reach $430 billion by 2010 with organised retail expected to grow at 20-22 per cent to reach $90 billion, according to Technopak Advisors, a global retail consultancy firm.