Earmarking about Rs 5,000 crore for the project, the company is planning to develop 700 to 800 properties at important locations. The company, which is promoted by Mukesh Ambani, has also approached its fuel dealers with offers to buy out the properties they own, said sources familiar with the developments.
"About 500 properties used for the fuel retail business are owned by the Mukesh Ambani group. The remaining outlets are dealer-owned and dealer-operated. The dealers, who were incurring losses due to suspension of the retail business, have approached the company to sell their properties," company sources said.
The company is believed to be offering Rs 2 crore to Rs 4 crore for the properties and petrol pumps owned by the dealers. An additional Rs 4 crore to Rs 6 crore will be spent to construct each mall and multiplex structure.
Reliance Industrial Infrastructure, a group company that was floated for in-house infrastructure construction, will be the developer of the properties.
Sources said all the Reliance Retail brands