`India’s top 3 retailers lost Rs1,200 crore in 2011’

19 Dec 2012

1

Domestic retail chains in India continue to incur heavy losses even as the government opens up the market for global retailers like Wal-Mart and Carrefour, if figures quoted by the commerce and industry ministry are anything to go by.

Bharti Retail, Reliance Fresh, and Aditya Birla Retail have incurred a combined loss of nearly Rs1,200 crore in 2011, minister of state for commerce and industry S Jagathrakshakan stated in the Rajya Sabha today.

The minister said as per the financial statement filed by the Reliance Fresh, the company posted a net loss of Rs345.82 crore during January-December 2011.

Aditya Birla Retail too had a net loss of Rs423.1 crore during the year,

Bharti Retail Ltd reported a net loss of Rs394.32 crore during the period, he added.

Jagathrakshakan also defended the government's decision to allow 51 per cent foreign investment in retail business I India and raising cap on single brand retail to 100 per cent, saying there is enough room for small and big retailers to coexist.

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