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Soon RIL will induct global partners, investors into Reliance Retail: Ambani

Ambani, who was speaking at RIL’s 43rd annual general meeting, said soon the conglomerate will induct global partners and investors in Reliance Retail in the next few quarters.

SNS | New Delhi |

Highlighting the success of Reliance Industries’ retail business in Indian market, company’s chairman Mukesh Ambani on Wednesday said that the venture has received strong interest from strategic and financial investors.

Ambani, who was speaking at RIL’s 43rd annual general meeting, said soon the conglomerate will induct global partners and investors in Reliance Retail in the next few quarters.

Reliance Retail has already started pilots of its e-commerce venture, JioMart, with local Kirana shops.

Currently, the beta version of the JioMart grocery platform is being piloted in 200 cities across India. Ambani said, the “daily orders have crossed 2.5 lakh, and the number is growing each day,” Ambani said.

While speaking about the retail business the Indian biallionaire said, “more than two-thirds of Reliance Retails’ nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns.”

“It sources over 80 per cent of fruits and vegetable directly from farmers,” he added.

Connecting farmers and delivering their fresh produce directly to homes is a key part of the firm’s grocery strategy, Ambani said adding, “this will significantly improve farmer income and incentivise higher productivity.”

“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.

He also added that his company’s growth model is based on partnership with small merchants and shopkeepers.