News: Reliance Retail plans 100 stores in NCR

(PTI 29/01/2007) Noida - Having introduced its food stores in the National Capital Region, Reliance Retail plans to open 100 such stores in 120 days, but could face problems finding the right location to do so.

With commercial space commanding a premium following the Supreme Court's order on land use, the company faces challenges in land acquisition, industry sources said.

Reliance Retail's mentor Kamal Nanavati, however, sought to allay apprehensions on this count, saying sites have already been identified.

"We will open 50 stores in NCR and 50 in Delhi," he said at a function to mark the opening of nine 'Reliance Fresh' stores in Noida, Greater Noida, Ghaziabad, Gurgaon and Faridabad.

Sources said Reliance Industries President (Corporate Affairs) Shanker Adawal, credited with putting in place the infrastructure for the retail venture, has been entrusted with the task of sorting out land acquisition problems.

Adawal was also behind the recent acquisition of land in various parts of the national capital, the sources said.

The Mukesh Ambani-promoted company spent close to Rs 1,000 crore in just two days to acquire properties in Vikaspuri in West Delhi valued at around Rs 280 crore and at Dwarka and Rohini for around Rs 700 crore.

"The overall space size of the acquisition is over five lakh square feet," the sources said.

When contacted, company officials declined to comment.

The properties acquired by Reliance Retail were a part of auctions by the Delhi Development Authority.