Mukesh Ambani’s retail venture to sell electronics goods

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New Delhi, Billionaire Mukesh Ambani`s, retail venture will sell electronics goods like refrigerators, TVs and computers, as it prepares to open its 100th fresh food and vegetables outlet in the country, reports Financial Express.

Reliance Retail, which has spent about Rs 2,000 crore on real estate acquisitions in the national capital, is likely to open its 100th Reliance Fresh store in the city this week.

The company  plans to open its first Digital Electronics Store, possibly in the national capital region, for selling TVs, refrigerators and other goods. The outlet will be spread over an area of 50,000 sq ft.

"The 100th store will be opened soon possibly in Delhi or Pune," a Reliance Retail official said, but did not elaborate.

The company has so far opened 99 Reliance Fresh stores, spread over a total carpet area of 2,50,000 sq ft, across cities since its launch in Hyderabad in November last year.

Reliance Retail, whose parent Reliance Industries (RIL),  earmarked an investment of Rs 250 billion by 2012 in the retail business, targets a revenue of Rs 900 billion from its various formats like hypermarkets, supermarkets and specialty stores by 2010.

So far, the company has unveiled only fresh food stores, which industry sources say, have been averaging a sale of Rs 3.5 to Rs 4 lakh a day. The NCR alone has 24 stores that account for over a quarter of its total fresh food business.Reliance Fresh stores sell farm fresh products like vegetables and fruits and dairy products, besides frozen foods, groceries and cutlery.

Shares of the RIL ended at Rs 1348.65, down by Rs 16.55 or 1.21% at the BSE. Total volume of shares traded was 576,129.

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