Reliance Retail inks MoU with Punjab govt
Mukesh Ambani-controlled Reliance Retail on Tuesday signed an agreement with Punjab government for its agricultural and retail projects entailing an initial investment of Rs 500 crore.
By PTI |
Chandigarh: Mukesh Ambani-controlled Reliance Retail on Tuesday signed an agreement with Punjab government for its agricultural and retail projects entailing an initial investment of Rs 500 crore.
The Memorandum of Understanding was signed by G S Cheema, Financial Commissioner of Punjab, and Sanjiv Asthana, president of Reliance Retail's agri and food supply division, in the presence of Deputy Chief Minister Rajinder Kaur Bhattal and Reliance Industries group president Shankar Adawal.
When asked about the total investments by Reliance Retail, a wholly-owned subsidiary of RIL, Asthana declined to comment.
However, sources familiar with the development said the company has committed an initial investment of Rs 500 crore, which could be scaled up to Rs 3,000 crore later.
After signing the MoU, the company would start the process of preparing feasibility studies for setting up infrastructure, cold storage, logistics and signing agreements with farmers.
State government officials said that they were expecting to see tangible progress in the project by the end of this fiscal.
The Memorandum of Understanding was signed by G S Cheema, Financial Commissioner of Punjab, and Sanjiv Asthana, president of Reliance Retail's agri and food supply division, in the presence of Deputy Chief Minister Rajinder Kaur Bhattal and Reliance Industries group president Shankar Adawal.
When asked about the total investments by Reliance Retail, a wholly-owned subsidiary of RIL, Asthana declined to comment.
However, sources familiar with the development said the company has committed an initial investment of Rs 500 crore, which could be scaled up to Rs 3,000 crore later.
After signing the MoU, the company would start the process of preparing feasibility studies for setting up infrastructure, cold storage, logistics and signing agreements with farmers.
State government officials said that they were expecting to see tangible progress in the project by the end of this fiscal.
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