Textile heavyweight of India, Reliance Industries Limited(RIL) is planning a big Rs700-crore expansion for its textile business.
In connection with its retail venture, the company is also mulling over a decision of introducing a new textile brand.
Company officials kept mum over the further development, but industry sources revealed that a proposal was discussed with Chairman Mukesh Ambani during his visit to Ahmedabad in December, last year.
However, sources also quoted Ambani as saying that he has suggested some changes in the proposal.
Waterproof, weather colour-fast fabrics for outdoor applications, chintz finishes built-in stain repellent and stain release properties, tri-blends fabrics and others are in company's future plans, say sources.
RIL is not only busy acquiring land in Gujarat for its retail outlets but is also preparing to launch the new brand which will be displayed at its retail outlets.
Industry experts term this as a stategic move.
More than a dozen land deals for setting up retail business in Gujarat have been finalised by Reliance, informed industry sources.
Company plans to invest about Rs1000 crore in the next five years to start more than 35 big and small malls in and around 30 cities including Ahmedabad, Vadodara, Surat, Rajkot, Bhavnagar and Jamnagar.
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