Aditya Birla Group promoted retail venture in the supermarket format, More Retail opened 15 stores in AP most of them at Hyderabad. They are not new openings but renovated and refurbished stores of Trinethra Retail which the Birlas took over earlier this year.
Mr Murti, COO of More Retail said,
In all we are planning to setup 150 stores or so in the coastal region and parts of Rayalasema and 150 more in the rest of the state by the end of this financial year. In Karnataka we are starting from Mysore.
To establish one supermarket store it costs anywhere between Rs 40 lakh to Rs 90 lakh. Aditya Birla group has set an ambitious target of investing Rs 15,000 crore in the venture of which they have invest Rs 3,000 crore so far. Aditya Birla group is very well known to divert money from group companies for new ventures 🙂