Indian tycoon to take on retail giants
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May 22, 2007, 6:03 am
Filed under: International News
Filed under: International News
Indian billionaire Kumar Mangalam Birla plans to invest as much as 90 billion rupees (R15.5 billion) in three years to start a retail chain and compete with Reliance Industries and Wal-Mart Stores.
Mumbai – Indian billionaire Kumar Mangalam Birla plans to invest as much as 90 billion rupees (R15.5 billion) in three years to start a retail chain and compete with Reliance Industries and Wal-Mart Stores.
The Aditya Birla group would open the first of 1 000 supermarkets this month, he said on Friday.
Birla joins fellow billionaires Mukesh Ambani and Sunil Mittal in starting retail groups in India. – Bloomberg
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