Aditya Birla Retail to invest Rs 10,000 cr in 5 yrs: CEO

Bangalore, Jan 24: Aditya Birla Retail Limited, part of the 24 dillion US Dollar Aditya Birla Group, proposes to invest Rs 8,000 to Rs 10,000 crore in the next five years to further strengthen its position in the 320 billion USD retail market in India, Company CEO Sumant Sinha said here today.

Announcing the rebranding of Fabmall Grocery Supermarkets as 'More,' Mr Sinha said the company proposed to take the number of retail outlets to 1,500 in the next two years after touching the 500 mark before March 2008. The company's 90,000 sq ft hyper market would be opened next month in Baroda and in the next two years, the number of such retail format stores would touch 100.

To a question, he said the rebranding followed recent acquisition of Trinthra Super Retail which includes Fabmall, Trinethra and FabCity brands. ''The retail market in India is reaching a point of saturation.

With an endeavor to improve the shopping experience for our customers we promise 'More' satisfaction to 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'' Mr Sinha said.

UNI