Retail in Asia

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India’s Reliance Retail posts USD931m top line

Indian business tycoon Mukesh Ambani’s Reliance Retail posted a turnover of INR4,918 crore (INR49.18 billion, USD931.4 million) in the first half of financial year 2013, nearly 48 percent higher than the corresponding period of the last financial year. Various formats of the chain posted same-store sales growth of 5 percent to 25 percent across formats over last year, it said.

At its annual general meeting in June this year, Reliance Industries chairman Mukesh Ambani said Reliance Retail was aiming to grow its revenues by five to six times and achieve sales of INR40,000 crore to INR50,000 crore in the next three to four years.