I guess it is the other one - Titan based on holding of RJ.

According to RJ, some retail company will be 10 Billion $ in next 5-6 years. Now, both Titan and Pantaloon are about 1B $ market cap. So he is looking at 10 bagger in 5-6 years which is about 50% CAGR.

Given the huge analysis done in other threads in this forum, Titan is better placed to reach that goal given its strong balancesheet and other factors.

Alok Ji adding few foreign names to your above report.

Metro AG Germany
Marks & Spencer UK
Dairy Farm International Hong Kong
Shoprite Holdings South Africa
Next plc UK
Luxottica Group Italy
Debenhams plc UK

It would be interesting to review the positions of Indian Retail Companies.

Looks like Govt. has suddenly woken up and trying to do lot of things at the same time.

India: Shopping with the family

The Indian apparel market has some distinctive features that mass-market retailers must accommodate. Kartik N. Sheth and Ireena Vittal

Indians devote roughly the same share of their income to apparel as do Chinese and Brazilians. But the country’s lower per capita income levels mean overall spending on apparel is significantly lower, and the habits of Indian shoppers present intriguing challenges for multinationals eyeing the market.1 For starters, nearly 40 percent of the mass-market Indian shoppers2 we surveyed said that their most important shopping occasions revolved around special events, such as weddings and annual religious festivals—a figure dramatically higher than the one for shoppers in the other emerging markets we studied. Furthermore, to a greater extent than elsewhere, shopping is a family activity in India: nearly 70 percent of its shoppers always go to stores with family, and 74 percent—more than twice the average of Brazil, China, and Russia—view shopping as the best way to spend time with family. The preference for family-oriented shopping is consistent across age groups, income segments, regions, and city sizes.

As in many markets, in India women are the primary decision makers in apparel purchases for the entire family. But India’s men also have an important role: indeed, half of our survey respondents said that their husbands had a major influence on which stores they frequented—a proportion far higher than the one for Brazil (3 percent), China (8 percent), and Russia (18 percent). What’s more, India is unusual in that the market for men’s apparel is larger than the women’s market, where traditional Indian apparel still dominates. Mass-market apparel retailers must therefore find formats and merchandising approaches that will attract shoppers seeking apparel not only for special occasions but also appealing to the entire family.

Notes

1 In India, laws governing foreign investment by retailers are slowly evolving. Currently, single-brand foreign retailers may hold controlling stakes (up to 51 percent), but multibrand foreign companies are able toinvest only in the “cash-n-carry” segment (up to 100 percent) or buy a stake in a publicly listed retailer (up to 26 percent). In a cash-n-carry operation, a wholesaler sells to offices, hotels, and retailers that become its members.
2 In India, rather than using only income bands to define categories of consumers, we used the socioeconomic class codes established by the Market Research Society of India. High-end or “global” consumers are those in socioeconomic class (SEC) A, mass-market consumers are those in SECs B and C, and struggling consumers are represented by SECs D and E. In addition to household income, the class codes incorporate levels of education and occupation.

From mckinsey quarterly reports