RIL in talks with Neotia for retail foray in Bengal

Mukesh Ambani-controlled Reliance Industries Limited is in talks with Kolkata-based industrialist Harshvardhan Neotia for making an entry into the retailing sector in West Bengal.

Neotia said Mukesh Ambani group was in talks with him for entering the agro-products retailing sector, but added that nothing has been finalised.

Asked what kind of support the Ambani group was seeking from the local partner, he said talks were being held on those lines.

He said it would take one month to take a call.

Neotia has developed several housing projects, a heritage park, shopping malls in Kolkata and in the adjacent towns of Durgapur and Santiniketan.

The Mukesh Ambani group had announced plans for entering the retailing sector for which it is seeking land in various states.

To boost retailing foray, Reliance Industries has floated a 100 per cent subsidiary Jamnagar Farms Private Limited, which is currently carrying out plantation near its Jamnagar refinery in Gujarat.

This would be a big-ticket investment in West Bengal after the Tata group and Videocon's commitment of an investment of Rs 2150 crore (Rs 21.5 billion) recently.

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