Big plans announced for Reliance Retail in RIL’s AGM

Reliance Industries (RIL) will induct global partners and investors into the company in the next few quarters, said its CMD Mukesh Ambani. Reliance Retail is India’s largest and most profitable retail business, he added during RIL's 43rd AGM on July 15.

Mukesh Ambani on Wednesday said his group's retail venture has received strong interest from strategic and financial investors. "We have successfully piloted JioMart grocery model with kirana partners. The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," Ambani said.

"Reliance Retail is the only Indian Retailer to feature in the Top 100 global retailers," Ambani noted.

Within the organised retail, Reliance Retail will continue to be a partner of choice for marquee international brands, he said, adding, Reliance Retail has been at the forefront of bringing about the Organized Retail Revolution in India.

The company is also partnering with farmers, small and medium-scale manufacturers, merchants, vendors, start-ups and global companies.

Ambani said the following four things have given him immense satisfaction:

- First, more than two-thirds of nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns.

- Second, the deep-rooted bond with tens of thousands of farmers that has helped the company to source over 80 percent of fresh fruits and vegetable directly from farmers. “We sell more fruits and vegetables than any other organised retailer in the country,” Ambani said.

- Third, the company will continue to provide large employment and development opportunities for lakhs of people across India.

- Fourth, the growth model is based on partnership with small merchants and shopkeepers.

Sandip Ginodia , CEO

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