The Adani Group has initiated the process of selling off its retail business to Reliance Industries. The deal is estimated to be around Rs. 200 crores. Reliance Industries has started interviewing the Adani retail staff and will select people it wants to retain in the business.
Adani Retail operates a total of 54 outlets across Gujarat and sells groceries and apparel. With the acquisition Reliance will get access to over 54 supermarkets and hypermarkets across nine cities in Gujarat. The acquisition will provide a ready infrastructure to Reliance, as 60% of Adani’s retail outlets are company-owned. The acquisition formalities are expected to be fully completed in a couple of months.
For more details, read The Economic Times article.
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