RIL on land buying spree for retail push

The race for real estate is hotting up with Reliance Industries going on an overdrive to acquire land and shops to expand their retail operations in the National Capital Region (NCR). Enthused by the response to the nine retail outlets that it started last week, RIL has now decided to roll-out 100 stores by the end of March 2007, against the earlier target of April-end. RIL has set the target of achieving an annualised sale of Rs 20,000 crore by December 2007, a source said. If the rush from Reliance was not enough, Bharti, which has tied up with Wal-Mart, also started the hunt. It is looking for built-up area ranging between 2,500 sq ft and 1.5 lakh sq ft. Besides, it is seeking lease for plots with 4 acre to 10 acre land for outright purchase or on lease. But Bharti, which is looking to start retail operations later this year is at the starting block, looking for land or constructed space across the country, while RIL is trying to consolidate its operations. Sources said, RIL chairman Mukesh Ambani, who is supervising the roll out, has asked his team to expedite land acquisition in NCR. RIL has asked DDA to release over a dozen plots that it bought recently as early as possible against minimum duration of three months that DDA takes in handing over the plots to buyers.