The richest man in India, Mukesh Ambani, intends to launch a nationwide retail chain, tapping into a market that multinationals like Wal-Mart and Tesco have been chomping at the bit to break into.
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Ambani’s Reliance Group plans to open 500 stores, with the first in Mumbai, Gujarat and Delhi. The Group would also buy 25 cargo plains to transport produce from remote farms to stores, the Evening Standard reported.
The move comes at a bad time for international corporations, with Tesco and Wal-Mart both eying the Indian market amid rumours that the Indian Government may soon lift a bar on foreign investors owning more than a 26% stake in retail operations.
