New Delhi: A new player in the retail market is getting serious. CNBC-TV18 learns that 45 people have already joined the Birlas' retail arm.
"I think we need to do our homework. I think we need to understand what will be required in this business," said Kumar Mangalam Birla, Chairman of Birla Group three months ago on his plans to join the retail rush.
And though the company won't comment, sources suggest that the retail arm will be christened Aditya Birla Retail or ABRL. And the talent crunch has forced the Birlas to look overseas.
CNBC-TV18 learns two executives from TESCO and Wal-Mart will soon join the Birlas. They will head the hypermarket and supermarket operations.
Sources say that Aditya Birla Group will invest Rs 9,000 crore over the next 7 years on its retail business. The plan is to have 3,000 supermarkets and 200 hypermarkets in 100 Indian cities.
And work has begun. The Birlas are scouting for space in cities like Amritsar, Jalandhar, Kanpur, Allahabad, Lucknow and Indore. The Birlas will hit the shelves next year.
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