Bangalore, Jan 24(UNI) Aditya Birla Retail Limited, retail arm of 24 billion dollar Aditya Birla Group, proposes to invest Rs 8000 Crore to Rs 10,000 Crore in the next five years to further strengthen its position in the 320 billion dollar retail market in India, Company CEO Sumant Sinha said today.
Announcing the rebranding of Fabmall grocery supermarkets to 'More' here, he said that it was proposed to take the number of retail outlets to 1500 with in next two years after the figure touches 500 mark before March 2008.
He said that Hyper Market with 90,000 square feet would be opened next month in Baroda and in the next two years the number of Hyper Markets would touch 100 in various parts of the Country.
Replying to a question, he said that the rebranding follows the recent acquisition of the Trinthra Super Retail that includes the retail brands Fabmall, trinethra and FabCity.
Mr Sinha said that "the retail market in India is reaching a point of saturation. With the endeavor to improve the shopping experience for our customers we promise 'More' satisfaction at every consumer at our stores. This is an exciting period for the Indian grocery retail industry and we are delighted to participate in the growth of the market".
UNI MSP RM RKN1428