As per the report of Economic Times, Reliance Retail which is the Retail arm of Reliance Industries Ltd (RIL) is vying to buy Subway Inc India.
ET also reported that the buying is of $200-$250 million (Rs 1,488-1,860 crore).
Mukesh Ambani – the richest man in Asia – now wants to be a part of the QSR who is already into the online retail, music, online pharmacy, fashion and furniture.
Subway has already been part of the Indian food market by selling its specialty of Sandwiches and it does business through several regional master franchisees.
Reliance Retail reported Rs 962 net profit for the first quarter (Q1) of FY22, a jump of 123 percent year-on-year (YoY) as compared to Rs 431 crore reported in the corresponding period of the previous fiscal, as reported by Moneycontrol News.
