Reliance Retail Only Indian Retailer in Global Top 100, Says Mukesh Ambani, Announces Plans to Induct Partners
Reliance Industries Chairman Mukesh Ambani addresses the virtual AGM on Wednesday.
Reliance Industries (RIL) will induct global partners and investors into the company in the next few quarters, said its chairman and managing director Mukesh Ambani at the company's first ever virtual Annual General Meeting on Wednesday.
Ambani said his group's retail venture has received strong interest from strategic and financial investors and noted it is India’s largest, most profitable retail business and is the fastest-growing retailer in the world. "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.
"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.
Jio is also accelerating the roll-out of of JioMart, which has now been piloted in over 200 cities, said Chairman Mukesh Ambani at the 43rd AGM, adding that it has reached 250,000 orders a day, with numbers continuing to grow each day. "We will also expand JioMart to include electronics, fashion, pharmaceuticals and healthcare," he added.
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.