Mukesh Ambani-led Reliance Retail, which runs over 750 Reliance Fresh, Reliance Super and Reliance Mart, is reportedly engaged in preliminary negotiations with a large retailer to forge an alliance reports a financial daily. This is following last week’s announcement on new foreign direct investment (FDI) norms.
According to a report in The Economic Times, quoting two Reliance Retail officials, “The company is not facing any cash crunch since it has no major debt payment obligation and is funded by a cash-rich parent. While most retailers are scaling back, Reliance Retail will continue to grow. The company was also not looking for equity investment at the apex level.”
Further the report states that the company is regularly approached by several international and domestic retailers, both large and small, for alliances.
— IndiaRetailing Bureau