Aditya Birla Retail gets new brand name 'More'

Mumbai, May 18 (UNI) The Aditya Birla Retail Limited, the retail arm of the USD 25 billion Aditya Birla group, was today given a new brand name, ''More'', under which the retail business will operate hereafter.

Announcing the new retail brand name here today, group chairman Kumar Mangalam Birla said nearly Rs 9000 crore will be pumped in for the retail expansion in coming three years, which will be raised through a mix of debt and equities.

''The investment for retail will not be of any of the listed companies in Aditya Birla group. The idea is to set up a series of super markets and destination hypermarkets across India that will change the way people shop,'' Mr Birla said.

Mr Birla ruled out any tie-up with a retail partner, saying the group has the necessary competence inhouse.

The group will open nearly 1000 super markets and hyper markets across India in the coming one year while the first super market under the new brand name will be launched in Pune in June. This will be followed by launch of other retail outlets in major cities.

Nearly 10,000 recruitments will be carried out to strenghten the retail business within one year.

Aditya Birla group had acquired Trinetra super retail in Janury this year that had given exposure to the retail segment to southern states by adding up half of a milion squarefeet selling area changing itself as the top retailer in southern India.

''We intend to differentiate ourselves by providing competitive prices and right selection of products to customers. Plans are also on cards to develop our own products over time besides importing certain products,'' said Sumant Sinha, Aditya Birla retail head.

The existing shopping outlets and the acquired Trinetra outlets will also come under the new brand name in coming months, he added.

UNI