After RIL, its Aditya Birla into organised retailing
The AB group has plans about its initial investment in retail, which is being pegged by the industry at $1 bn.india Updated: Aug 23, 2006 20:11 IST
On the heels of corporate behemoth, Reliance Industries foraying into the lucrative retail business, one of India's oldest business houses Birla Group too is contemplating rolling out its organised retail initiative.
An Aditya Birla Group spokesperson said the group had plans, but it was too early to speak about specifics, when asked about the initial investment that is being pegged by the industry at one billion dollars (nearly Rs 4,600 crore).
"Not only retail, but the group also has plans to enter other new business areas in the future, as well...," the spokesperson told PTI here.
Kumar Mangalam Birla-led Aditya Birla Group is among India's largest business houses with interests in cement, textile, telecom and finance, besides having a global presence.
In June, Reliance Industries unveiled a Rs 25,000 crore investment blueprint for entering the organised retailing sector through Reliance Retail Ltd.