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RELIANCE RETAIL GEARS FOR TAKEOVERS

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RELIANCE RETAIL GEARS FOR TAKEOVERS - December 10th, 2006

RELIANCE RETAIL GEARS FOR TAKEOVERS
New Delhi
The Economic Times Reliance Retail, already creating ripples in the organized domestic retail market, is poised to acquire smaller rivals in order to take on serious competition from the likes of Bharti-Wal-Mart combine.

The Mukesh Ambani-spearheaded venture is bidding to buy out smaller competitors such as Adani Retail and also has plans to gobble up other well-known brands including Subhiksha and Landmark, the book and music store chain in which corporate behemoth Tata has a controlling stake through its retail arm Trent.

"Reliance is the highest among three bidders for Adani and is looking at all others... even Subhiksha and Landmark," an industry source familiar with the development said, but did not elaborate on the proposed Adani takeover.

Adani has a network of over 50 retail stores, which includes formats ranging from neighbourhood stores to supermarkets in Gujarat. On the other hand, acquiring Subhiksha, a Chennai-based discount retail chain, would give Reliance a large presence across various states, including more than 100 stores in the national capital.

Sources said the inorganic growth route suits Reliance's plans, which includes rolling out 300 stores by this year and another 4,000 in three years.
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