Reliance Retail in the red too

MUMBAI: Reliance Retail (RRL), the wholly owned subsidiary of Reliance Industries, incurred losses for the 2007-08 fiscal. The exact quantum of losses could not be ascertained but it is yet to break even, a company senior official said.

���This is because of the massive capital expenditure in RRL. We are still in our expansion stage,��� said Alok Agarwal, RIL���s CFO. However, he refused to divulge the exact quantum of losses made by RRL.

The company had posted a net loss of Rs 10.99 crore in the first year of its commercial operations in the 2006-07 fiscal. The loss was on total income of Rs 259.85 crore. RRL operates 590 stores in 57 cities, spanning 13 states with over 3.5 million square feet of trading space.