As per the reports, the Aditya Birla group chairman Kumar Mangalam Birla will fork out a small fraction of his personal wealth to rapidly ramp up operations of the food retail business which is recovering from huge losses after the economic slowdown curtailed heavy consumer spending.
It will invest Rs400 crore over the next two years mainly to set up hypermarkets that sell everything from pasta to detergents under one roof.
Aditya Birla Retail is an unlisted company owned by Kumar Mangalam Birla, which plans to set up 15-18 hypermarkets, and is hoping to catch up with the frenetic expansion unleashed by rivals Future Group and Reliance Retail.
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It will invest Rs400 crore over the next two years mainly to set up hypermarkets that sell everything from pasta to detergents under one roof.
Aditya Birla Retail is an unlisted company owned by Kumar Mangalam Birla, which plans to set up 15-18 hypermarkets, and is hoping to catch up with the frenetic expansion unleashed by rivals Future Group and Reliance Retail.
....more info