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Srinivasan to lead Reliance garments

17
May '06
Subsequent to some guesswork, at present it is apparent that Srinivasan will be joining the Reliance undertaking by June-end.

Sriram Srinivasan, who had placed Madura Garments and afterwards guided Indus League Clothing, is to head Reliance Retail's attire business.

Reliance Retail has informally declared to the attire division about his joining.

Srinivasan left Indus League, which he had co-founded in 1999 with project capital backing, by selling his stake to the Pantaloon Group.

Previously, Pantaloon had taken a 68 percent stake in Indus League, which possess brands like Scullers and Indigo Nation.
Srinivasan might have a no-compete clause with Pantaloon that possibly clarifies the anxiety concerning his next move.

Pantaloon refused to give its observation on the development.
Srinivasan will be based out of Bangalore.

Reliance Retail, which has targeted Rs90,000 crore business in last few years, anticipate attire to account for 20-22 percent of the business.


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