News: Reliance's realty drive gets over 1 lakh offers
(TNN 14/08/2006) New Delhi - Reliance Industries (RIL) has received over 100,000 expressions of interest (EoI) for acquisition of real estate for its retail outlets from across the country.
The company will be acquiring these properties on a sale, lease or rent basis. According to sources, in the next 2-3 years, the company will need more than 20m sq ft of retail space in various parts of the country.
Company sources claim that in the next couple of days, the total EoIs are expected to cross 3 lakh. “After this, we will put our agency in place to evaluate the various options and subsequently sign deals,” an RIL source told ET.
According to sources, RIL has already put an agent in place to sign real estate deals on its behalf. Interestingly, this is the same agent who had earlier signed all real estate deals for Anil Ambani’s Web World network.
RIL will use this real estate network to create a pan-India retail infrastructure comprising rural agri-retail hubs, supply chain, including warehouses and various retail formats. The retail formats that the company is initially looking at includes speciality stores in two different segments.
While one of these formats, to be called Reliance Fresh, will spread across an area of 2,000-5,000 sq ft, the other format, to be called Fresh Plus, will range from 5,000-30,000 sq ft.
The company will be setting up 60-70 stores initially in these formats. In addition to this, RIL is also looking at hyper and super market formats.
The company will be acquiring these properties on a sale, lease or rent basis. According to sources, in the next 2-3 years, the company will need more than 20m sq ft of retail space in various parts of the country.
Company sources claim that in the next couple of days, the total EoIs are expected to cross 3 lakh. “After this, we will put our agency in place to evaluate the various options and subsequently sign deals,” an RIL source told ET.
According to sources, RIL has already put an agent in place to sign real estate deals on its behalf. Interestingly, this is the same agent who had earlier signed all real estate deals for Anil Ambani’s Web World network.
RIL will use this real estate network to create a pan-India retail infrastructure comprising rural agri-retail hubs, supply chain, including warehouses and various retail formats. The retail formats that the company is initially looking at includes speciality stores in two different segments.
While one of these formats, to be called Reliance Fresh, will spread across an area of 2,000-5,000 sq ft, the other format, to be called Fresh Plus, will range from 5,000-30,000 sq ft.
The company will be setting up 60-70 stores initially in these formats. In addition to this, RIL is also looking at hyper and super market formats.
posted by InCar Group Press Room at 14:42
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