Reliance Industries to invest big in Retail industry in Bengal

Reliance Industries has said that they are planning to invest Rs 2000 crore into its retail business in Bengal. They are aiming to establish as many as 60 outlets within the next 4 years in the state.

Reliance Industries will enter into a “buy-back agreement” with farmers who would be sowing and reaping as per their requirement. Their produce will then go to Reliance’s supermarkets, hypermarkets and specialty stores across the state.

The Reliance outlets would be selling agro-products to the domestic market and also export them. The company is specially targeting to get products like potatoes, tomatoes, rice and vegetables in this state for their outlets around the nation.

Dipankar Mukherjee, the principal secretary to the chief minister spoke about Reliance’s plans: “Reliance Retail will procure from farmers at remunerative rates. The state government wants the buy-back agreements, whether they are with individual farmers or their co-operatives, to ensure good prices for farmers.”

This project is expected to generate as many as 10,000 jobs in the state.

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