Business
UP Shuts Down Reliance Retail
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| The state of Uttar Pradesh, India’s largest, has shut down the stores of two leading Indian retail companies after violent demonstration by smaller traders complaining that megastores were driving them out of business.
Stores belonging to Reliance Retail and the RPG Group were ordered shut down by Chief Minister Mayawati after local traders ransacked Reliance stories in Lucknow and Varanasi. Reliance, which operates 15 stores in the state, is seeking to emulate the Walmart model of megastores in India, raising alarm among 12 millions small traders, who fear for their livelihood. The country has also witnessed massive demonstrations against Walmart, which is scheduled to launch its own stores in India in partnership with Bharti Enterprises. |