Mumbai:The Mahindra Group has announced plans of entering the retail industry with a “multi-format, specialty chain in the premium lifestyle space”, selling international and private labels
The diversification plans of India’s top utility vehicle and tractor maker comes in the wake of the boom in the retail, infrastructure and service sectors which the country is currently witnessing.
India’s retail industry is estimated at about $350 billion and forecast to nearly double by 2015.
The group also has interests in infrastructure development, telecom and information technology.
Large Indian companies including Reliance Industries Ltd, the Tata Group, the RPG Group, Bharti Enterprises and the Aditya Birla group are already planning to play a role in the retail space.
Foreign multiple-brand retailers are allowed wholesale, licence or franchise operations in India, the route taken by Wal-Mart Stores Inc, Germany’s Metro and Shoprite Holdings.