Reliance Retail is India’s largest and most profitable retail business, Mukesh Ambani said during Reliance's 43rd AGM on Wednesday.
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.
Speaking about Reliance Retail, Ambani said, "More than two-thirds of our nearly 12,000 stores are operating in Tier II, III and IV towns. The deep-rooted bond with tens of thousands of farmers has helped us source over 80 percent of our fresh fruits and vegetable directly from farmers."
"We sell more fruits and vegetables than any other organised retailer in the country. We also provide large employment and development opportunities for lakhs of people across India," Ambani said, adding that RIL's growth model is based on partnership with small merchants and shopkeepers.
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In related news, the company also confirmed an investment from Google during the AGM. Google will invest Rs 33,737 crore for a 7.8 percent stake in Jio Platforms, becoming the latest A-list investor in the digital unit of RIL.
The deal with Jio, which runs the telecom enterprise Jio Infocomm, India’s biggest, as well as movie, news and music apps, is not just a financial but also a strategic investment by the internet giant. Google has joined Facebook, Intel Corp and Qualcomm as a strategic partner in Jio.
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