Reliance Retail buys Indian department-store chain
Reliance Retail Ventures Limited has bought Indian retailer Shri Kannan Departmental Store for US$20 million.
“The investment will further strengthen the group’s retail operations and presence in the state of Tamil Nadu and will further enable retail and new commerce initiatives,” said a spokesperson for Reliance.
With this acquisition, Reliance Retail has started a “new commerce” plan which link producers, traders, small merchants and customers through digital innovation.
Incorporated in 1999, Shri Kannan Departmental Store operates 29 stores across Coimbatore and nearby areas with a retail area of more than 600,000sqft.
Reliance Retail is India’s largest retail conglomerate, with more than 4000 stores covering multiple categories. It is a subsidiary of Reliance Industries.