Reliance Retail business to touch USD 5 bn by 2011

Bangalore, Dec 2: Reliance Retail Ltd business will touch USD five billion by 2011, Company President and Chief Executive Ajay Baijal said today.

Talking to newsmen here, he said the retail market, dominated by consumer products, was of the size of Rs 70,000 crore and demand for IT and electronic home products was growing at the rate of 20 to 25 per cent.

Speaking after inaugurating Reliance Digital store, the third after its launch in Delhi and Mumbai, Mr Baijal said that the company proposes increase the digital store network to 150 within the next 18 months.

Replying to a question, he said investment in each store would be between Rs five Crore to Rs six crore depending upon the land value and other expenditure on investment.

The city outlet, he said, was a one-stop shop for all technology solutions in the field of consumer electronics, home appliances, IT and telecom products. The store covered an area of more than 23,000 sq ft and would offer over 4000 products spread across more than 150 brands, along with countless solution bundles recommended to meet the diverse customer needs, he said.

UNI