INDIA: Reliance secures Adani acquisition – report
Reliance Retail is has reportedly inked a deal to acquire Adani Retail's operations.
No official announcement has yet been made and neither company would comment on what they describe as market rumours.
According to Indian newspaper The Economic Times, sources close to the deal revealed that the buy-out would give Alliance access to 54 retail locations in various formats, including neighbourhood stores, supermarkets and hypermarkets in nine cities in Gujarat.
Having off-loaded its retail operations, Adani is said to be preparing to focus on its core shipping and export businesses.
These rumours come hot on the heels of Wal-Mart's announcement that it is entering the Indian retail sector in partnership with Bharti Enterprises. The deal would allow Reliance to step up its ambitious pace of expansion and side-steps the anticipated shortage of suitable land for retail outlets.
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