Indian retailer Aditya Birla Retail is prepared to sell a stake in the business to fund its expansion plans, its CEO told just-food today (5 March).
Thomas Varghese said the company was ready to welcome private-equity investors as the business looks to grow its hypermarket and supermarket operations across India.
“It’s to expand the business more rapidly than we otherwise could due to the huge funds needed,” Varghese told just-food from Mumbai, where he was opening Aditya Birla’s latest hypermarket.
Aditya Birla, a conglomerate with interests ranging from construction to mining, has over 630 supermarkets and six hypermarkets in India.
Varghese said the company was planning to open 150 supermarkets and 12-14 hypermarkets a year on the back of a buoyant Indian economy.
He added: “In terms of our business performance, we are now leading the Indian retail industry.”