Reliance plans $750mn retail foray

The board of directors of Reliance Industries today cleared a $750 million retail business plan through a subsidiary of the company.

According to a release issued by the company to the BS today, the board has approved the initial phase of setting up of hypermarkets / supermarkets / convenience stores / specialty stores in select cities and towns at an estimated cost of $750 million.

"The board has also approved the raising of equity capital by the newly incorporated Reliance Petroleum, a wholly-owned subsidiary of the company, which will be implementing the refinery (27 MMTPA) and polypropylene (1 MMTPA) projects at the special economic zone in Jamnagar, Gujarat, at an estimated cost of $6 billion. Reliance Petroleum would raise equity capital either through placement of equity shares and/or through initial public offering. Reliance Petroleum would continue to be a subsidiary of the company even after the completion of raising of equity," the release added.