Mukesh Ambani-led Relaince Industries did not reveal financial figures of its retail vertical Reliance Retail Ltd (RRL) in its FY2007-08 results release, as the company is not listed and is not liable to share its financial results in public.
Contacted by Indiaretailing, the official spokesperson had nothing to comment on the financial performance of RRL, however, he said: “According to Mukesh Ambani, RRL is a new company and will be listed after establishing a stronghold in the market.”
Reliance Industries Limited’s CFO Alok Agarwal in a statement said that the company is in the initial stages of investment in retail, and the performance will show after the next two quarters.
Reliance Retail recently signed a JV with Marks and Spencer and is operating over 590 stores in 57 cities, occupying 3.5 million square feet of retail space.
