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.
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“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.”
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By GlobalData
