January 28, 2007
Then: With some of India's biggest conglomerates - the Tatas, Reliance and Bharti - unfolding their game plan for organised retailing, it was only a matter of time before the Rs 40,000 crore AV Birla Group got into the thick of the action as well. The group has made its first move by buying over Trinethra Super Retail, a multiple retail store based in the South. The acquisition will give the AV Birla Group control over Trinethra's 170 outlets spread across the southern states. Trinethra bought over Bangalore-headquartered Fabmall India's chain of convenience stores about two years ago. For the Birlas, this acquisition will be a useful starting point as far as a full-fledged retail foray is concerned. Trinethra is expected to hit a turnover of Rs 350 crore (annualised) by March 2007, which will be double the previous year's turnover. The Birla Group has acquired a 90 per cent stake in Trinethra while the balance will remain with India Value Fund, which previously held 80 per cent.
Now: The AV Birla group's retail arm, now known as Aditya Birla Retail Limited, has opened its 11th store in Nashik. The company is planning to open 10 hypermarkets and 150 supermarkets by March 2012 with an estimated investment of Rs 200 crore.