The company has also reportedly approached the petrol station dealers to buy their properties for INR20 million to INR40 million. Another INR40 million to INR60 million is expected to be spent on constructing malls and multiplexes. Reliance Industrial Infrastructure would develop the properties.
Business Standard has quoted the company sources as saying: About 500 properties used for the fuel retail business are owned by the Mukesh Ambani group. The remaining outlets are dealer-owned and dealer-operated. The dealers, who were incurring losses due to suspension of the retail business, have approached the company to sell their properties.
Reliance Retail brands including Reliance Fresh, Reliance Footprint, Reliance Time Out, Reliance Digital, Reliance Wellness and Reliance Jewel are likely to occupy the malls. The company is considering joint ventures with Adlabs Films, Yash Raj Films and a few foreign media houses for developing multiplexes.
