As per a report in Economic Times, Aditya Birla Retail Ltd ( ABRL) with its 500 + 'More' branded supermarkets and 14 hypermarkets reported sales of Rs 1,966 crore and a net loss of Rs 650 crore in the year ended March 2012. The company has accumulated losses of Rs 2,984 crore since it entered the segment over six years ago.
To meet the growth plans in its existing formats, Aditya Birla Group chairman Kumar Mangalam Birla plans to invest Rs 525 crore in the group's retail arm and raise its borrowing limit from Rs 5,000 crore to Rs 7,500 crore. ABRL has decided to issue optional convertible bonds to RKN Retail, promoted by Birla, his family and some closely held companies of the family. RKN Retail, which was incorporated in November last year, acts as a channel of investment in Aditya Birla Retail, which is a subsidiary of Aditya Birla group firm Kanishtha Finance and Investment.