The signs outside a refurbished supermarket in a shaded central Mumbai street are small, yet there is already talk of an Indian Wal-Mart in the making, reports Reuters.

The transformation of a nondescript store to a slick supermarket is a sure sign Reliance Industries Ltd's retail foray is shaking up the Indian market - and not simply by pushing up real estate prices and managers' salaries.

Reliance is investing US$5.6 billion in outlets ranging from convenience stores to hypermarkets that will hawk everything from clothing to airplane tickets - and generate revenues of US$20 billion by 2010. Wal-Mart's global revenues are forecast at US$350 billion for the year to January.

Reliance has taken over managing the Sahakari Bhandar chain of 23 stores in Mumbai. It has upgraded eight stores, adding a pharmacy, fresh vegetables, store-branded lentils and electronic cash registers, keeping the stores' name unchanged.

"There's more variety, prices are lower and the store looks bright and clean," said Rama Bhuta, a 56-year-old homemaker and eight-year regular, wheeling a new shopping cart.

Reliance needs Bhuta to spread the word as it gears up to open 15 supermarkets in the southern city of Hyderabad this month, and more than 1,500 outlets nationwide by March.

India's retail industry is estimated at about US$300 billion, and is forecast to grow to US$427 billion in 2010 - giving Reliance a less than 5% share - and US$637 billion in 2015, according to Technopak Advisors. Branded retail makes up only 3% of the market, compared with China's 20% and Thailand's 40%. But that share is set to rise to 15-18% by 2011/12 with the entry of players with deep pockets, including Reliance, Bharti Enterprises, and the Aditya Birla and Tata groups.

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