THE WHAT? Indian retailer Reliance is hoping to build a portfolio of 50 to 60 grocery, household and personal care brands as it gears up to compete with the likes of Unilever and Procter & Gamble, according to a report published by Reuters.
THE DETAILS The Mukesh Ambani-run firm has set a six-month window to complete the acquisitions or joint ventures in questions and is said to be at the end stages of talks with at least 30 popular local consumer brands.
THE WHY? Reliance is said to be targeting annual sales of US$6.5 billion within five years from this new consumer goods business. The Indian retailer is hoping to take on the likes of Nestle, Coca Cola and Unilever on its home turf, Reuters reports.