With a valuation of more than Rs 820000 crore, Reliance Retail is currently led by Isha Ambani who has scaled the company to new heights.
Mukesh Ambani is the richest man in India with a net worth of Rs 963692 crore and he is the chairperson Reliance Industries which is the most valuable company in the country with a market cap of Rs 1983000 crore. Mukesh Ambani’s Reliance Industries is involved in a wide range of businesses through its subsidiaries that are handled by his family members including Nita Ambani, Akash Ambani, Isha Ambani and Anant Ambani along with close associates such as Anand Jain and Manoj Modi. One of the best performing subsidiaries of Reliance Industries is Reliance Retail. With a valuation of more than Rs 820000 crore, Reliance Retail is currently led by Isha Ambani who has scaled the company to new heights. Continuing on that path, Isha Ambani may soon become the new owner of retail grocery chain 24Seven.
As per a report by Economic Times, 24Seven’s current owner Godfrey Phillips, backed by the KK Modi group, is in talks with Reliance Retail for a potential sale of its retail grocery chain. The report further suggested that the outcome of the talks will depend on the valuation. Apart from Reliance Retail, Godfrey Phillips is also in discussions with Tata Trent and D-Mart over 24Seven.
For those who are unaware, 24Seven sells a range of grocery items, staples, snacks, beverages and personal care products throughout the day. In most places, the outlet is open 24 hours and all days of the week. It also sells ready-to-eat food items in some larger format outlets. Currently it has around 145 stores operating across the Delhi-National Capital Region (NCR), Punjab, and Hyderabad.
Isha Ambani’s Reliance Retail is already a master franchise partner of the Texas-based 7-Eleven chain and it operates around 50 stores under this brand. The deal with 24Seven will help the young billionaire make a bigger mark in the segment.
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