Mukesh Ambani group in talks for retail entry
Mukesh Ambani-controlled Reliance Industries Limited is in talks Neotia for making an entry into the retailing sector in West Bengal.india Updated: May 31, 2006 16:53 IST
Mukesh Ambani-controlled Reliance Industries Limited is in talks with city-based industrialist Harshvardhan Neotia for making an entry into the retailing sector in West Bengal.
Neotia said that the Mukesh Ambani group was in talks with him for entering the agro-products retailing sector, but added that nothing has been finalised as of now.
Asked what kind of support the Ambani group was seeking from the local partner, he said talks were being held on those lines at the moment.
He said it would take another one month to take a call on the issue.
Neotia, to his credit, has developed several housing projects, a heritage park, shopping malls here and in other towns like Durgapur and Santiniketan.
The Mukesh Ambani group had announced plans for entering the retailing sector for which it is seeking land in various states.
To boost its retailing foray, Reliance Industries has floated a 100 per cent subsidiary Jamnagar Farms Private Limited which is currently carrying out plantation near its Jamnagar refinery in Gujarat.
This would be a big-ticket investment in West Bengal after the Tata group and Videocon's commitment of a total investment of Rs 2150 crore recently.