Aditya Birla Retail (ABRL) has borrowed a sum of Rs 500 crore from Yes Bank to boost its food and grocery business, according to a leading daily. Last year, the company announced plans to invest Rs 1,091 crore for expanding its hypermarkets and supermarkets, likely to be implemented by December.
ABRL runs over 500 supermarkets and over 12 hypermarkets. The new funds are likely to help the company open 100 supermarkets and around eight hypermarkets in the country.
As per the media report, big Indian retailers have suffered losses due to expansion. Since 2009, many retailers had to close their ventures owing to the slowdown, growing interest rates, etc.