Reliance buys Adani Retail

Gujarat based Adani Group sold its retail wing, Adani Retail to Reliance Retail for Rs.1-Rs1.10 billion. This is the first major acquisition in the domestic market by Reliance Retail. Through the acquisition, Reliance gets access to 54 stores in a variety of formats such as neighborhood stores, supermarkets and hypermarkets in 9 cities in Gujarat. The company’s infrastructure and sourcing facilities are an added advantage for Reliance. Reportedly, other companies such as Subhiksha, Trinethra and Tata’s were also interested in purchasing the company.