Indian Retail


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A PPT on the Indian Retail industry and the organised players in this sector.

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Indian Retail

  1. 1. Indian Retailers and their Strategies By Sandeep Shah Praxis Business School, Kolkata
  2. 2. KEY PLAYERS IN FOOD, GROCERY AND GENERAL MERCHANDISE RETAILING Value Retailers Convenience Stores / Supermarkets Value Retailers Store Name Pantaloon Retail Big Bazar Shopper’s Stop Hypercity Trent Star India Bazar Subhiksha Subhiksha Pyramid Retail Pyramid Megastore RPG Retail Spencer’s Hyper Vishal Retail Vishal Mega Mart Shoprite Shoprite Landmark Group Max Retail Reliance Retail Reliance Mart Value Retailers Store Name Nilgiri’s Nilgiri’s Spinach Spinach Trinethra – AV Birla More Reliance Retail Reliance Fresh
  3. 3. PLANS OF NEW ENTRANTS Group Plans Aditya Birla Group <ul><li>Acquired Trinethra chain of stores (food & grocery store operator with 170 stores in South) </li></ul><ul><li>Launched ‘More’ Brand </li></ul><ul><li>Ended FY 08 with about 400 stores across India </li></ul><ul><li>Investment plan of Rs. 15,000 crore till 2011. </li></ul>Reliance Retail <ul><li>Investment plans of US $ 6 bn </li></ul><ul><li>100 mn Sq. Ft of Retail space by 2010 </li></ul><ul><li>Ended FY 08 with about 1000 Reliance Fresh Stores </li></ul><ul><li>Also entered hypermarket format in FY 08 </li></ul>Bharti – Wal-Mart <ul><li>Investment plans of US $2-2.5 bn </li></ul><ul><li>10 mn Square feet by 2015 </li></ul><ul><li>Wal-Mart to provide back-end expertise until FDI in Retail is permitted </li></ul>Tecso, Carrefour <ul><li>Looking for an Indian partner </li></ul>
  4. 4. Pantaloon Retail / Future Group
  5. 5. PANTALOON / FUTURE GROUP : INTRODUCTION <ul><li>Pantaloon Retail is the poster child of Indian retailing. </li></ul><ul><li>Over the last four to five years it has established itself as India.s leading retailer. </li></ul><ul><li>During this period it has straddled product categories and formats across the retail chain and has moved steadily towards its aim of selling .everything, to everyone, everywhere.. </li></ul><ul><li>Pantaloon Retail has been driven by the vision and dynamism of Kishore Biyani, its founder and CEO. </li></ul><ul><li>Pantaloon.s management spotted opportunities in organised retailing early on and was visionary enough to employ a multi-pronged strategy to rapidly scale up before large corporations and overseas majors entered. </li></ul>
  6. 6. PANTALOON / FUTURE GROUP : FORMATS / OTHER BUSINESSES Pantaloon Retail (Future Group) Pantaloons Central Big Bazaar Fashion Station Brand Factory All Blue sky Depot Food Bazaar Home Solutions Retail (I) Limited Converge m Retail (I) Ltd. Future Generali Future Logistics Future Capital Holdings Future Media <ul><li>E Zone </li></ul><ul><li>Electronics Bazaar </li></ul><ul><li>Collection (I) </li></ul><ul><li>Furniture Bazaar </li></ul><ul><li>Home Town </li></ul>Future Group has positioned itself much better than any other retailer by establishing its presence in all segments and creating many formats.
  7. 7. PANTALOON / FUTURE GROUP : JOINT VENTURES JV Partner Stake Business Activity Liberty 49% Footwear retailing Talwalkar’s (Gyms) 50% Operating fitness centers and marketing health products Manipal Cure & Care 50% Health & Wellness centers and marketing beauty products Staples Inc 50% Cash & Carry model for office supplies and consumables Lee Cooper 50% Marketing Lee Cooper’s denim apparel in India Alpha Airports Group 50% Airport retailing Blue Foods Pvt. Ltd 50% Food and Restaurant business
  8. 8. PANTALOON / FUTURE GROUP : GROWTH OVER THE YEARS 1987 Started off as a garment manufacturer 1997 Opened its first Pantaloon store in Kolkata 2001 Opened the first Big Bazaar (hypermarket format) 2002 Ventured into food retailing under Food Bazaar 2004 Opened the first Central, seamless mall in Bangalore 2005 Opened Fashion Station, its format for fast moving fashion clothing and accessories 2005 Opened aLL, a lifestyle store for plus-size men and women 2005 Ventured into the home furnishing business through a subsidiary company Home Solutions Retail (I) Ltd 2005 Formed JV with Liberty group, to enter into the footwear segment 2006 Formed subsidiaries and JVs to venture into related businesses like - logistics, in-store and out-store media business, leisure and entertainment business, health and fitness product and services 2006 Entered into JV with Generali to form a general insurance company 2006 Launched two real estate fund (Kshitij and Horizon) and one venture capital fund (Indivision) 2006 Formed JV with Staples Inc, leading office supplies retailer in the US, to bring the format to India 2006 Launched its e-tailing website, Future Group has been expanding very fast after other large corporates announced their entry into retail (since 2004)
  9. 9. PANTALOON / FUTURE GROUP : KEY STRATEGIC APPROACH <ul><li>Front-End Focus </li></ul><ul><li>Before the entry of the big boys, Pantaloon Retail has signed up sufficient retail space for its planned growth to 30m sf by FY09/10 at an average rate of about Rs45/sf. </li></ul><ul><li>Future Group’s strategy is markedly different from other retailers in that it focuses primarily on front-end investments to keep its capital costs low and to rapidly establish a large foot print in the retail landscape. </li></ul><ul><li>It has avoided setting up large supply-chain and distribution centres and in many product categories it has adopted the concessionaire model. </li></ul><ul><ul><li>For example, in fresh foods and vegetables, it has tied-up with wholesalers at the mandis (local markets) who supply the products and it is the wholesaler’s responsibility to manage the inventory and to staff the counters. </li></ul></ul>
  10. 10. PANTALOON / FUTURE GROUP : KEY STRATEGIC APPROACH <ul><li>Its general merchandise sourcing has depended on the traditional wholesalers and efficiencies have been driven by the scale of sourcing, instead of directly tying up with manufacturers. The wholesalers act as category managers. </li></ul><ul><li>Apparel Focus </li></ul><ul><li>Another differentiator for Pantaloon is its focus on apparel and fashion. Pantaloon.s genesis is in textiles and apparel and its promoters probably understand that segment the best. </li></ul><ul><li>Its hypermarket strategy is apparel-driven with 40-45% of revenue targeted from private labels. </li></ul><ul><li>Apparel products have high gross margins and Pantaloon believes that with its apparel-focussed strategy, it will be able to maintain higher margins than its competitors. </li></ul>
  11. 11. PANTALOON / FUTURE GROUP : KEY STRATEGIC APPROACH <ul><li>Understanding of Indian Consumer </li></ul><ul><li>Pantaloon.s strength has been its ability to understand the Indian consumer. </li></ul><ul><li>Its other strength has been its ability to correct rapidly. With a multitude of </li></ul><ul><li>available formats, if something has not worked, the company has taken </li></ul><ul><li>prompt corrective action. </li></ul><ul><li>Its different formats have also continuously evolved to keep pace with competitive dynamics and market realities. For example, the group.s department stores have continuously evolved from predominantly men.s stores, into family-fashion stores, stores for trendy higher-end clothing with a sprinkling of designer labels, and now into stores where fashion merchandise is changed every two months. </li></ul>
  12. 12. PANTALOON / FUTURE GROUP : KEY STRATEGIC APPROACH <ul><li>In-house Focus </li></ul><ul><li>Apart from the various formats, Pantaloon intends to manage almost every activity in-house via different associates companies where it intends to offer strategic stakes to financial investors or partners with domain expertise. For example </li></ul><ul><ul><li>it intends to handle the group’s logistics through a subsidiary company (Future Logistics) </li></ul></ul><ul><ul><li>the outdoor and indoor media inventory is being handled by an in-house company, Future Media, where Group M, the world’s leading full service media investment management company belonging to the WPP group, has reportedly taken a strategic stake. </li></ul></ul><ul><ul><li>The company has also launched Future Brands which will house all of the in-house brands for the group, manage intellectual property, grow brands and extract value. In-house brands will subsequently be franchised out to other retailers as well. </li></ul></ul>
  13. 13. PANTALOON / FUTURE GROUP : KEY STRATEGIC APPROACH <ul><li>As the businesses grow in scale, Pantaloon Retail will have a retailing business and an equally large investment arm that has seeded multiple businesses for forward and backward integration. </li></ul><ul><li>In select product categories, Pantaloon Retail has entered into JVs with a variety of other companies. The aim of the joint ventures is to gain salience in product categories like children’s clothing, footwear or health and fitness where it lacks both experience and expertise. </li></ul><ul><li>Given the company.s aggressive growth plans, the key fears have been over its ability to raise capital, its management bandwidth and its ability to manage its growth. Pantaloon Retail in the last couple of years has been able to attract experienced professionals to increase its management bandwidth. </li></ul>
  14. 14. Shopper’s Stop
  15. 15. <ul><li>Shopper.s Stop is promoted by the K Raheja family with primary interests in real estate. </li></ul><ul><li>Shopper.s Stop was probably the first department store to open in Mumbai in the early 1990s and has had steady but measured growth under B S Nagesh, CEO since its inception. </li></ul><ul><li>It has been a professionally run organisation with no day-to-day management </li></ul><ul><li>participation from the Raheja family. </li></ul><ul><li>Shopper.s Stop.s department store works on a mix of direct sales, consignment sales and concession sales, with about 60% of revenue from bought-out merchandise, 25% from consignment sales and 15% concessionaire sales. </li></ul>SHOPPER’S STOP : INTRODUCTION
  16. 16. SHOPPER’S STOP : GROWTH OVER THE YEARS 1991 Launched the first Shopper.s Stop store in Mumbai. 2000 Acquired 51% stake in Crosswords, leading books, music and gifts stores. 2002 Launched four new Shopper.s Stop stores in a span of 15 months. 2005 Acquires balance 49% stake in Crosswords. 2006 Launches Mother Care- mother and baby products. 2005 Launches MAC- luxury cosmetic stores with brands such as Clinique and Estee Lauder. 2006 Promoter group launched Hypercity, their hypermarket format, where Shopper.s held the right to acquire 51% stake by Dec 08. 2006 Launched the food and beverage retailing with BRIO- the café bistro and Desi Café. 2006 Launched Home Stop, its home store format. 2006 Bid and won the rights to open Duty free stores at Mumbai and Bangalore international airports in JV with Nuance Group AG. Also has rights to open stores at Mumbai’s domestic terminal.
  17. 17. <ul><li>Shopper’s Stop has assiduously built a reputation as a multi-brand departmental store. </li></ul><ul><li>After some false starts in the mid 1990s, the company has once again returned to a growth trajectory. </li></ul><ul><li>It has clear positioning and is targeting well-heeled, upper-middle class and above consumers. </li></ul><ul><li>It has robust systems and processes and very high customer loyalty. Over 60% of its annual revenue comes from holders of its First Citizen loyalty card. </li></ul>SHOPPER’S STOP : STRATEGIC APPROACH Superior Brand Image
  18. 18. <ul><li>Shopper.s Stop sets great store in its systems and processes and has attempted to adopt some of the best global practices. </li></ul><ul><li>At the heart of the IT system is the JDA-MMS ERP system. For merchandise planning, the company uses Arthur Planning and Business Objects, an analytical and decision-support application. </li></ul><ul><li>Shopper.s is implementing world class tools like the Intactix (space and category-management application) and E3 (an advanced merchandise-replenishment application). It is a member of the Intercontinental Group of Department Stores (IGDS). </li></ul>SHOPPER’S STOP : STRATEGIC APPROACH FOCUSSED ON SYSTEMS AND PROCESSES
  19. 19. <ul><li>Shopper.s Stop sets great store in its systems and processes and has attempted to adopt some of the best global practices. </li></ul><ul><li>At the heart of the IT system is the JDA-MMS ERP system. For merchandise planning, the company uses Arthur Planning and Business Objects, an analytical and decision-support application. </li></ul><ul><li>Shopper.s is implementing world class tools like the Intactix (space and category-management application) and E3 (an advanced merchandise-replenishment application). It is a member of the Intercontinental Group of Department Stores (IGDS). </li></ul>SHOPPER’S STOP : STRATEGIC APPROACH FOCUSSED ON SYSTEMS AND PROCESSES
  20. 20. <ul><li>The group has slowly but steadily begun moving into different categories and </li></ul><ul><li>formats to cater to a larger percentage of total customer spending. </li></ul><ul><li>The group.s other major retailing foray has been into hypermarkets under the Hypercity Retail name. </li></ul><ul><li>The customer segment targeted is the same as Shopper.s Stop, and the venture is managed by experienced professionals. </li></ul><ul><li>Hypercity is focussed on building a robust supply chain. </li></ul><ul><li>It has set up large distribution centres and intends to adopt a hub and spoke model to extract maximum returns from its investments. </li></ul>SHOPPER’S STOP : STRATEGIC APPROACH Expansion in different Categories and Formats
  21. 21. <ul><li>It does not intend to employ a farm-to-fork model and it will rely on third party service providers for procurement of fresh food and grocery lines. </li></ul><ul><li>Unlike Shopper.s Stop, the focus at Hypercity is on private labels. </li></ul><ul><li>Unlike Big Bazaar of Pantaloon, Hypercity’s focus is on general merchandise to drive revenue, rather than apparel. </li></ul><ul><li>Shopper.s Stop also has a joint venture with Nuance group of Switzerland, </li></ul><ul><li>which has won the rights to operate the duty free stores in Bangalore and </li></ul><ul><li>Hyderabad international airports. </li></ul>SHOPPER’S STOP : STRATEGIC APPROACH Expansion in different Categories and Formats
  22. 22. Pantaloon Retail and Shoppers Comparison on Key Parameters
  23. 23. LEASE RENTALS AS % OF SALES Source: CLSA Asia Pacific Markets Pantaloon has got about 2-3% cost advantage over Shopper’s in Lease Rentals
  24. 24. LABOR COST AS % OF SALES Source: CLSA Asia Pacific Markets Pantaloon has got about 1.5 - 2% cost advantage over Shopper’s in Labor Costs
  25. 25. INVENTORY HOLDING PERIOD IN DAYS Source: CLSA Asia Pacific Markets Shoppers inventory management is significantly more efficient than Pantaloon Retail due to better systems and processes
  26. 26. RETURN ON CAPITAL EMPLOYED Source: CLSA Asia Pacific Markets Shoppers ROCE is expected to be significantly higher than that of Pantaloon Retail in the next 3-5 years.
  27. 27. Reliance Retail
  28. 28. RELIANCE RETAIL : INTRODUCTION <ul><li>Reliance Retail unveiled its organized retail foray in Nov 2006 with the launch of convenience stores in the southern Indian city of Hyderabad. </li></ul><ul><li>Reliance ramped up its presence primarily through Reliance Fresh and ended FY 2007 with about 1000 stores. </li></ul><ul><li>Investment plans of US $5 bn, revenue of US $ 25 bn, targeting 100 mn Sq. feet of store space across 1500 cities. </li></ul><ul><li>Reliance’s proven project-execution skills will be crucial to the success of this venture. </li></ul><ul><li>The company has already established a presence in the National Capital Region (NCR), Jaipur, Ranchi, Chennai, Ahmedabad and Bangalore, since its first launch in Hyderabad. </li></ul><ul><li>The company has also launched its RelianceOne loyalty program, which comes with free accident insurance and free home delivery. </li></ul>
  29. 29. RELIANCE RETAIL PLANS : OVERALL Footprint 1500 cities and towns across India. Format <ul><li>Supermarket </li></ul><ul><li>Speciality Stores </li></ul><ul><li>Supermarkets </li></ul><ul><li>Hypermarkets </li></ul>Verticals 14 verticals with an emphasis on food Brands A mix of in-store and others Investment Us $ 5.5 – 6 bn Targeted Revenue About $25 bn by 2011-12 Employment 500,000
  30. 30. RELIANCE RETAIL PLANS : VERTICALS Food <ul><li>“ Farm to Fork” strategy. </li></ul><ul><li>Building a partnership with farmers and strengthening agri-linkages </li></ul>Electronics <ul><li>Lock Manufacturing capacity in China, Middle East and India for in store brands </li></ul>Collaborations Several international brands like Marks & Spencer FMCG and Durables <ul><li>Looking to extract aggressive discounts from existing FMCG players </li></ul><ul><li>Could set up a procurement hub in South East Asia </li></ul>Health Care Tied up with Himalaya drugs
  31. 31. RELIANCE RETAIL : STORE GROWTH 2008 Reliance Retail has been expanding very fast since it’s exception.
  32. 32. RELIANCE RETAIL : KEY STRATEGIC APPROACH <ul><li>Reliance initially launched stores in two formats . the 2,000-5,000 sf Reliance Fresh convenience stores, and the wholesale cash-and-carry Ranger Farms to supply small grocers and retailers. </li></ul><ul><li>The Reliance Fresh stores are focussed on food (its private label brand being Reliance Select for staples and groceries) but also launched larger stores that stock both food and non-food items (Reliance Fresh Plus). </li></ul><ul><li>The first hypermarket was launched in mid 2007. </li></ul><ul><li>Organised retail is also likely to be Reliance.s most complex project yet. </li></ul><ul><li>Meeting the reported US$20-25bn revenue target will be contingent upon overcoming significant challenges in the supply chain (especially with food),space (it would need 100m sf versus 3.1m sf for Pantaloon presently) and trained manpower (especially middle/lower management). </li></ul>
  33. 33. RELIANCE RETAIL : KEY STRATEGIC APPROACH <ul><li>It will be critically dependent upon Reliance.s ability to replicate its unparalleled execution success in a direct B2C landscape. </li></ul><ul><li>Reliance’s strategy is to put in place a strong supply chain, including a strong </li></ul><ul><li>sourcing base, and huge scale. </li></ul><ul><li>It has recruited many CEOs from the retailing and related industries to vertically manage various categories. However, early on it has lost Rajeev Karwal, in-charge of consumer durables and electronics, Abhinandan Shukla, in-charge of confectionary and S Ramesh, head of buying, underscoring the challenges on the human-resources front. </li></ul><ul><li>It has also recruited over 150 expat managers to ensure that local managers pick up the requisite knowledge and skill sets </li></ul>
  34. 34. Bharti-wal-mart
  35. 35. BHARTI WAL-MART : STRATEGIC APPROACH <ul><li>Bharti group and Wal-Mart have announced the formation of a joint venture </li></ul><ul><li>for backend processing and sourcing. </li></ul><ul><li>The current rules allow 51% FDI in single-brand retailing, preventing Wal-Mart from doing business directly. </li></ul><ul><li>The business premise for the joint venture is reportedly similar growth plans shared by the two partners. </li></ul><ul><li>It remains to be seen whether Wal-Mart attempts to enter the market separately via Sam.s Club (its cash-and-carry format) where FDI is allowed. </li></ul><ul><li>The Bharti group intends to invest US$2.5bn over the next 5-10 years and plans to have ten million square feet of shelf space by 2015. </li></ul><ul><li>Bharti-Wal-Mart JV to target the hypermarket, supermarket and convenience store model. </li></ul><ul><li>Although the plans that it has announced are dwarfed by Reliance.s plans, Bharti group is likely to announce more aggressive plans at a later date. </li></ul><ul><li>Its announcement about the JV with Wal-Mart was met with protests from a section of the political spectrum and the group may be trying to play its cards close to its chest. </li></ul>
  36. 36. <ul><li>Bharti group proven adept at scaling up its telecom business and will look to </li></ul><ul><li>scale up the retail business rapidly as well. </li></ul><ul><li>While the plans of formats, merchandise mix etc is not yet known, it is likely that one of the key focus areas for Bharti group will be fresh food & grocery. </li></ul><ul><li>Bharti group has a JV with the ELRo Holdings, an investment company of the Rothschild family, called Field Fresh for growing and procuring fresh food and groceries. </li></ul><ul><li>The venture’s business model encompasses growing, procuring, processing and selling to the domestic market (organised and unorganised retailers) and overseas. In the domestic market, the group.s retail venture will be a large customer and it also intends to sell to other retailers. </li></ul>BHARTI WAL-MART : STRATEGIC APPROACH
  37. 37. <ul><li>The Field Fresh venture is the first link in the Bharti group’s farm to fork </li></ul><ul><li>strategy. </li></ul><ul><li>It is also helping the group to get ahead in the learning curve and to </li></ul><ul><li>pick up the best practices in a supply chain while dealing with global retailers </li></ul><ul><li>like Tesco. </li></ul><ul><li>Thus, the Bharti group.s strategy will be supply-chain driven with a </li></ul><ul><li>focus on fresh food and grocery and private labels. </li></ul>BHARTI WAL-MART : STRATEGIC APPROACH
  38. 38. Subhiksha
  39. 39. <ul><li>Subhiksha, India.s largest chain of supermarkets, started off in Chennai in 1997. </li></ul><ul><li>Currently operates over 2.5 million square feet of retail space across the states of Tamil Nadu, New Delhi, Karnataka, Maharashtra and Gujarat. </li></ul><ul><li>Subhiksha operates in four verticals - fruit and vegetables, pharmaceuticals, FMCG and telecoms. </li></ul><ul><li>The company has been promoted by Mr R Subramanian, an IIT Madras and IIM Ahmedabad </li></ul><ul><li>alumni member. </li></ul><ul><li>ICICI Ventures holds 24% of the company. </li></ul>SUBHIKSHA : INTRODUCTION
  40. 40. <ul><li>Subhiksha follows the .cluster approach. (a store within every two kilometres) upon entering new markets, with proximity to residential areas the key to success for convenience and super stores. </li></ul><ul><li>An average store measures 2,000 sf and is not air-conditioned, unlike Big Bazaar. </li></ul><ul><li>Subhiksha is a hard discount store (at least 10% cheaper than regular retail </li></ul><ul><li>prices) and encourages phone orders and home deliveries. </li></ul><ul><li>Subhiksha is also positioned between a glitzy modern format and a no-frills convenient modern format that a large number of middle class consumers will be very comfortable with. </li></ul>SUBHIKSHA : STRATEGIC APPROACH
  41. 41. SUBHIKSHA : STRENGTHS AND CHALLENGES <ul><li>Early mover advantage </li></ul><ul><li>Strong presence in key retail markets </li></ul><ul><li>A decade of experience in retailing </li></ul><ul><li>Strong base of loyalty members </li></ul><ul><li>Funding for expansion plan has been tied-up </li></ul><ul><li>Nation-wide presence will bring greater bargaining power </li></ul><ul><li>Prime candidate for acquisition </li></ul>Strengths <ul><li>Primarily a front-end format </li></ul><ul><li>Share of fresh grocery is low; FMCG & pharmaceuticals form a large chunk </li></ul><ul><li>Entering in a big way into new markets . Will have to manage local authorities, retailers as well as suppliers </li></ul><ul><li>Competition is expected to intensify </li></ul>Challenges
  42. 42. Rural Retailing
  43. 43. <ul><li>The rural market in India is worth an estimated US$120-150bn and accounts </li></ul><ul><li>for an estimated 55% of total retail spending. </li></ul><ul><li>According to NCAER estimates, rural India is home to 720m consumers spread across over 0.6m villages. </li></ul><ul><li>Only 17% of these villages though, account for 50% of the rural population </li></ul><ul><li>and 60% of the rural wealth. </li></ul><ul><li>While this means that an organised retailer can target 50% of the rural population by reaching out to about 0.1m villages, the villages are widely spread out across the length and breadth of the country and the target population density may be small. </li></ul><ul><li>For retailers, rural areas are not only a potential market, but also an integral part of the farm-to-fork strategy. With greater engagement with farmers to source farming goods and to introduce supply-chain efficiencies in the entire chain, the retailers will have an opportunity to sell goods to the rural community by using the same supply chain. </li></ul>RURAL RETAILING : INTRODUCTION
  44. 44. <ul><li>Foremost among current players is ITC (the cigarette major) which also has a presence in apparel retailing through its Wills Lifestyle outlets. </li></ul><ul><li>ITCs engagement with rural India is established as it has a longstanding and close association with tobacco farmers and later with sunflower growers. </li></ul><ul><li>As it has entered the food and grocery segment by selling products like branded oils and flour, it has increased its involvement with rural India. </li></ul><ul><li>ITC is not alone. The Godrej group has launched two retail formats . Nature’s Basket which sells fresh food and staples in urban areas, and Godrej Aadhar which is a rural format much like ITCs e-choupal initiative. </li></ul><ul><li>There are 24 Aadhar outlets in eight rural locations across the country. </li></ul><ul><li>It has also joined with HPCL to open Aadhar Express outlets in rural Punjab, Maharashtra and Gujarat. </li></ul>RURAL RETAILING : ITC AND GODREJ