Reliance Industries has begun buying the Adani groups’ retail venture. Both the players are tight-lipped about the deal, but sources in the know have said that the deal is in the tune of Rs 200 crore.
The Adani group has 54 outlets spread across Gujarat and sell apparel and groceries. The outlets have stopped sourcing new products from the market and are disposing their existing stock at a quick pace. Reliance industries have already hiring people for this venture and are going to hire only short listed employees from the present Adani staff.
The process and formalities of acquisition are likely to be entirely completed in a couple of months. After this acquisition Reliance will have access to over 54 supermarkets and hypermarkets across nine cities in Gujarat.