Moneycontrol Be a Pro
Get App
Last Updated : Aug 12, 2019 04:27 PM IST | Source: Moneycontrol.com

Aim to be among the world’s Top 20 retailers in 5 years: Mukesh Ambani

Two-thirds of Reliance Retail stores are located in Tier 2, 3 and 4 towns and half of fresh fruits and vegetables are sold in India

Moneycontrol News @moneycontrolcom

Reliance Industries-owned Reliance Retail aims to be among the world’s top 20 retailers over the next five years, chairman and managing director Mukesh Ambani said at the 42nd annual general meeting in Mumbai on August 12.

“The retail business has grown phenomenally, registering a seven-fold increase in revenue and a 14-fold increase in profit in the last 6 six years,” Ambani said. Reliance Retail’s revenue crossed Rs 1.3 lakh crore in FY19.

It has also seen a three-fold rise in per-store productivity in the last five years. In 2018, Reliance Retail sold a TV every four seconds and a phone every two seconds.

Close

Reliance Retail was the only Indian enterprise to be ranked among the Top 100 retailers of the world, he said.

Reliance Retail Limited is a subsidiary of Reliance Industries Limited. Founded in 2006, it is the largest retailer in India in terms of revenue.

Talking about “new commerce”, the RIL chairman said it was a “massive” business opportunity worth $700 billion.

“For RIL (Reliance Industries), new commerce is an opportunity to integrate merchants, consumers and producers,” Ambani said.

“New commerce” would transform unorganised retail into organised retail and would revolutionise India’s three crore kirana stores, he said.

RIL also intended to utilise merchant point of sale (POS) solution–Jio Prime Partner POS– to create an ecosystem around small merchants. “This user-friendly digital platform will modernise even the smallest kirana shop to become a digitised store,” Ambani said.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

Also Read: Net-zero debt, listing for Jio, Retail—dominant themes of Mukesh Ambani’s speech at RIL’s 42nd AGM

Also Read: Full text: Mukesh Ambani's address at RIL's 42nd AGM

Also Read: RIL to list Jio and Reliance Retail within next five years

Also Read: RIL AGM 2019: Top announcements made by Reliance Industries CMD Mukesh Ambani

Also Read: RIL to be net zero debt company within next 18 months: Mukesh Ambani

Also Read: RIL AGM 2019: Jio Fiber to be launched on Sept 5, offer new movies, 4K HD TV sets for free

Also Read: Reliance Industries AGM: Here are key takeaways from Mukesh Ambani's speech

Also Read: Jio subscriber base at over 340 million: Mukesh Ambani

Also Read: RIL, BP to invest Rs 35,000 crore in KG basin: Mukesh Ambani

Also Read: RIL AGM 2019: Jio to roll out set-top box in partnership with cable operators

Also Read: Jio’s IoT platform to be commercially available from January 2020: Mukesh Ambani

Also Read: RIL Chairman Mukesh Ambani announces JioFiber rollout starting from September

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Aug 12, 2019 01:45 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant