Reliance Retail splurges Rs 10 bn on real estate acquisition
Mukesh Ambani-promoted Reliance Retail has spent close to Rs 1,000 crore in two days acquiring commercial properties in Delhi.india Updated: Jan 16, 2007 20:08 IST
Putting its mega retail plans on full throttle, Mukesh Ambani-promoted Reliance Retail has spent close to Rs 1,000 crore in two days acquiring commercial properties in the national capital.
According to sources, Reliance Retail on Tuesday acquired a property at Vikaspuri in West Delhi valued at around Rs 2.8 billion.
On Monday, it had acquired seven properties valued at around Rs 7 billion. Of these, six were at Dwarka near the Indira Gandhi International Airport and one at Rohini in West Delhi.
"The overall space size of the acquisition is over five lakh square feet," the sources said, adding the company would be taking part in another bid on Wednesday for two properties at Vasant Kunj in South Delhi.
These two properties at Vasant Kunj are together expected to be valued around Rs 250 million, sources added.
When contacted, company officials declined to comment.
The properties acquired by Reliance Retail were a part of auctions by the Delhi Development Authority, through which it had collected about Rs 9 billion against a reserve price of about Rs 4 billion.
On Monday, DDA had auctioned 16 commercial plots totalling around 40,000 square metre.
Mukesh Ambani had last year unveiled mega plans for expansion in the retail space entailing an investment of Rs 250 billion in the next few years.