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RIL AGM 2020: Will induct global partners into Reliance Retail, says Mukesh Ambani

Reliance Retail is India’s largest and most profitable retail business, Mukesh Ambani said during Reliance's 43rd AGM on Wednesday.

July 16, 2020 / 02:47 PM IST

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.

Track all the updates on RIL AGM by following our LIVE blog here

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.

Follow all of our coverage on RIL's 43rd annual general meeting here.

Also read- RIL 43rd AGM: Reliance Jio and Google partner to build an affordable Android-based 5G smartphone for India
- RIL 43rd AGM: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms
- RIL AGM: Nearly half of Google's India Digitisation Fund to go into Jio
- RIL 43rd AGM: Jio develops made-In-India 5G solution
- RIL AGM key highlights: Mukesh Ambani announces Google deal; Jio readies 5G solution
- RIL AGM: Capital raise complete, now only look to add strategic partners, says Chairman Mukesh Ambani
- RIL AGM 2020: In its latest offerings, Reliance announces JioTV+ and Jio Glass
- RIL AGM: Reliance launches Jio Glass for best-in-class mixed reality experience
- RIL 43rd AGM: Saudi Aramco deal has not progressed as per earlier timeline: Mukesh Ambani
- RIL AGM: JioMart successfully piloted, will expand beyond groceries
- RIL AGM: Will induct global partners into Reliance Retail, says Mukesh Ambani
- RIL AGM: Reliance Retail only Indian company in Top 100 global retailers, says Mukesh Ambani
- RIL AGM: No better partner for Indian startups than Jio, says Chairman Mukesh Ambani
- RIL AGM: Isha Ambani says JioMeet, Embibe helping students get access to quality education online
- RIL AGM: Isha Ambani says JioMeet, JioHealthHub to provide end-to-end digital health services

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

Moneycontrol News
first published: Jul 15, 2020 03:33 pm