New Delhi: Reliance Retail has announced the launch of cash-and-carry format stores for the wholesale business under which the company will offer both national and international brands.

Addressing shareholders of the company at its 37th AGM, Muksh Ambani, Chairman and Managing Director of Reliance group said Reliance Retail has made substantial investments over the past five years and is all set to emerge a market leader across all formats over the next two years.

RIL had forayed into the retail arena with Reliance Fresh stores selling fruits, vegetables and other grocery items in 2006.

The company currently operates 1,000 stores across 86 cities in the country. It will face stiff competition from various multinational companies like America’s Wal-Mart, German’s Metro. These companies are already running their wholesale stores in the country.

Britain’s company Tesco has also chalked out plans to open retail stores in India.

Ambani said RIL's subsidiary Reliance Retail have invested heavily in the past in five years. It has become the country’s largest retail company in food products.

 

(JPN/Bureau)