Vadodara on Reliance cross-hairs

Acquires land to set up three malls at old Padra road, Jetalpur and Karelibaug

Reliance Industries (RIL) made its foray in Vadodara's retail market by acquiring property worth Rs 70 crore to set up malls at prime locations of the city.

Talking to Business Standard, Parimal Nathwani, group president "" corporate affairs said, "We have acquired property at three prime locations in Vadodara for our upcoming malls."

He further said Reliance has acquired land at prime location of Old Padra road, Jetalpur and Karelibaug in Vadodara.

"We have signed MOU with the party involved in the deal," Nathwani said. However, he declined to give details of the MOU.

He further informed that the total investment in the malls project in Vadodara will be to the tune of Rs 150 crore.

"We have spent Rs 70 crore to acquire all the three property in Vadodara," said Nathwani.

"The remaining Rs 80 crore will be invested for development of the malls," Nathwani informed.

RIL is targeting prime locations that are strategically located on the roadside.

Sources informed that two Vadodara based company have been acquired by Reliance for this purpose.

Aims Oxygen and Tube Company, both located on the Old Padra road at Vadodara were recently acquired by RIL.

However, when Business Standard contacted, Nathwani to verify the reports for acquiring the two companies, he declined to comment.

"I can not give the names of the party involved in the deal," Nathwani maintained.

However, Nathwani informed that the construction activity for the malls at Vadodara will initiate in two months time on the newly acquired property.

The company has tentatively set goals to begin its malls operation in Vadodara by the mid of 2007.