This investment comes at a time when Amazon, led by billionaire Mukesh Ambani, Reliance and Flipkart, are vying for share of India’s fast-growing online food and grocery market.
Kumar Mangalam Birla, Chairman of Aditya Birla Group, said: “Due to the strong foundation of a large and growing middle class, India’s fashion retail industry is expected to achieve strong long-term growth. The rapid growth of technological infrastructure will further accelerate this process.”
With the COVID-19 pandemic leaving most people indoors, Indians are turning to online platforms for everything from bread to mobile phones to clothes.
It was previously reported that both Amazon and Flipkart are competing for shares in Aditya Birla Fashion and Retail, which owns and operates the Pantaloons retail chain and has the right to sell Forever 21 products in India.
Aditya Birla (Aditya Birla) said that as the scale of the business expands, the funds will be used to strengthen its balance sheet.
Aditya Birla Fashion and Retail shares rose 6.5% to Rs. 163.45, the highest point since March 30.
Flipkart started its Dussehra Specials promotion yesterday on October 22. The promotion will continue until October 28, offering smartphone discounts with free EMI options, exchange discounts and complete mobile protection features. Realme C3, iPhone SE (2020), iPhone 11 Pro and Redmi 8A Dual have all been reduced in price.
© Thomson Reuters 2020
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