Sunday, October 4, 2009

Reliance Retail to revive West Bengal projects soon

Reliance Retail to revive West Bengal projects soon

BARASAT (West Bengal): Reliance Retail, part of Mukesh Ambani-led Reliance Industries, is looking at reviving its West Bengal projects "in a major way", a top official said here Saturday.

"We are currently working on how best we can come back to the state in a major way. It's all currently on the drawing board," Tarun Jhunjhunwala, president of Reliance Industries, told reporters.

The company hs faced several political hurdles in its bid to sell farm produce in the state.

At present, it has two brands operating in the state - Reliance Fresh and Reliance Digital.

The company is also planning to acquire real estate.

"We have exhausted the space for our Reliance Fresh format and so if we plan to expand this format, we have to buy real estate," Jhunjhunwala said.

Regarding its stalled project to re-develop a municipal market at Park Circus in Kolkata, he said the company was now at an advanced stage of negotiation with the authorities to settle the dispute.

He expressed hope that the issue would be resolved soon.

'Walmart keen to expand in India'

Walmart Stores, the world’s largest retailer, is keen to expand in China and India, chairman S Robson Walton said in Kuala Lumpur.

"Internationally, we’re focusing on larger markets," Mr Walton told delegates at a Forbes Global CEO Conference in the Malaysian capital on Wednesday. “China is a big opportunity for us. We're just getting started in India, where we see great opportunity over the long term,� he said, without giving details on its expansion plans.

Walmart, which competes with France’s Carrefour SA in China, is accelerating expansion in Asia that Walton expects will lead the global economic recovery. China’s retail sales rose 15.4% in August from a year earlier, the biggest gain this year after accounting for seasonal distortions, according to the Chinese statistics bureau on September 11.

Bentonville, Arkansas-based Walmart operates at about 630 locations in China, India and Japan, according to its web site. About 24% of Walmart’s net sales came from its international division in the quarter ended July 31, the company reported last month. Walmart sees opportunities in the healthcare business, Mr Walton said, without giving details.


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