Reliance Industries Limited retail subsidiary - Reliance Retail has purchased the Rs13,500 crore Gujarat based Adani Group's retail arm - Adani Retail.
This move aims to keep pace with the rapidly growing retail industry and enhance business under plans of combining acquisitions with organic development.
Mukesh Ambani has invested Rs110 crores in this deal, which offer ownership of 54 Adani outlets situated in 15 Gujarati cities. Local stores, supermarkets and hypermarkets are also a part of the acquisition.
This retail operations buyout will enable Reliance to focus on transport, energy and global commodity trading, which are core competencies of Adani Group.
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