Mukesh Ambani-led Reliance Industries (RIL) on Friday said it has stepped into aviation space as a "strategic investor" by picking up an over 26 percent stake in Captain GS Gopinath-founded cargo airline, Deccan 360.
The investment will help RIL secure logistics support for its retail network. Reliance Retail Ltd, the retail arm of RIL, operates 900 stores in 80 cities across 14 states in India, according to the company’s annual report from March 2009. Although Reliance Retail operates stores across various retail segments, the air cargo foray would particularly help the company in its perishables business that it runs through the "Reliance Fresh" chain of stores.
(Source: The Financial Express)