`India’s top 3 retailers lost Rs1,200 crore in 2011’
19 Dec 2012
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.
