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RIL opts out of race for ailing Indian retailer, Super Bazar

RIL opts out of race for ailing Indian retailer, Super Bazar
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First Published: Fri, Mar 16 2007. 12 22 AM IST
Updated: Fri, Mar 16 2007. 12 22 AM IST
New Delhi:Reliance Industries Ltd (RIL) said on 15 March it was withdrawing its bid for ailing Indian cooperative retail chain Super Bazar over the government’s refusal to hand over management and control.
“We would like to withdraw our offer in view of the government’s refusal to change the law,” Soli Sorabjee, a senior counsel for Reliance, told the Supreme Court. RIL, which recently forayed into retail, had bid Rs288 crore for the chain. It had said at the previous hearing it would not want to invest a huge amount of money unless it had effective management and control over Super Bazar, which would require a change in the existing law for cooperatives.
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First Published: Fri, Mar 16 2007. 12 22 AM IST
More Topics: Corporate News | Sector Spotlight |