INDIA: Reliance retail units see continued losses
Indian conglomerate Reliance Industries Ltd (RIL) has revealed that its retail businesses ended the year with a loss of INR55.7bn (US$1.17bn) - on sales of about INR400bn.
In the group's annual report, the group revealed that its food chains, Reliance Retail Ltd (RRL) and Reliance Fresh, saw net losses of INR2bn and INR24.9bn respectively.
"Through this year, RRL increased its footprint to more than 900 stores in 80 cities across 14 states in India," India's largest private sector firm said.
"Keeping in sync with its multi-format store strategy, RRL added new formats to its spectrum in the last year," the company added.
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