Reliance Retail buys Indian department-store chain
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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 links 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.
Questions & Answers
Q.What is the primary reason Reliance Retail purchased Shri Kannan Departmental Store?
What is the primary reason Reliance Retail purchased Shri Kannan Departmental Store?
The investment is intended to strengthen the group’s retail operations and presence in the state of Tamil Nadu. It will also enable retail and new commerce initiatives for the company.
Q.What does Reliance Retail's new 'commerce plan' involve?
What does Reliance Retail's new 'commerce plan' involve?
The 'new commerce' plan, initiated with this acquisition, aims to connect producers, traders, small merchants, and customers. This will be achieved through the use of digital innovation.
Q.How many stores does Shri Kannan Departmental Store operate and where are they located?
How many stores does Shri Kannan Departmental Store operate and where are they located?
Shri Kannan Departmental Store, incorporated in 1999, operates 29 stores in total. These stores are located across Coimbatore and its nearby areas.
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