RIL is set to make its retail foray on August 1, sources said. RIL may announce its retail plans at its AGM on June 29.
It has publicly said that it will invest $750m in the retail business. But the actual investments may be in the $5-6bn range, sources said. Reliance's retail initiative will start in Tier 2 markets like Gujarat and Punjab. In Gujarat, it may launch in Ahmedabad, Vadodra, Surat, Jamnagar and Rajkot.
In Punjab, the choice cities are Ludhiana, Patiala, Fatehsinghgarh and Chandigarh. In the first phase, RIL plans to launch retail operations in 22 cities in Gujarat, Punjab, West Bengal, Andhra Pradesh and Maharashtra. Subsequently, the company will move to Delhi, Mumbai, Kolkata and Chennai.
In the long term, RIL is targeting a pan-India presence, with about 5,500 outlets.