News: Reliance's retail plans for Bengal

(TV18 05/06/2006) Mumbai - Mukesh Ambani is planning to enter West Bengal in a big way. His group, which will foray into retailing soon, is giving finishing touches to a partnership agreement with a key real estate player in Kolkata, CNBC-TV18 reports.

Pantaloons, Kolkata's oldest High Street retail store, is also the first outlet of the chain, which has a presence in 25 cities today. The management of Pantaloons has always been bullish on Bengal.

It has committed to acquire nearly 30 lakh square feet retail space in Kolkata in the next few years. And this, according to the Pantaloons management, could cost up to Rs 500 crore.

Pantaloons isn't the only retailer looking to expand in Kolkata; name any chain and it's on the look out for more space. And the latest entrant in this rush for mall space is Mukesh Ambani, whose group is foraying into retailing soon. And it is in talks with a key real estate player in Kolkata for partnership.

Harsh Neotia, is likely to be Reliance's partner in Bengal. His men are giving final touches to a partnership deal at present, and within a couple of weeks, the plan for Reliance's entry would be cast in stone. And Bengal Chief Minister Buddhadeb Bhattacharjee is already on cloud nine.

He is hoping to hear Reliance announce its plans for his state early next month.