Reliance Retail plans to tap global investors in few quarters

Reliance Industries Limited (RIL) chairman Mukesh Ambani announced that global partners and investors will be brought into the company’s retail arm — Reliance Retail in the next few quarters. Speaking at the Annual General Meeting of RIL, Ambani said that several strategic and financial investors have shown interest in Reliance Retail.

“We will induct global partners and investors in Reliance Retail in the next few quarters. I will keep you informed about the progress of Reliance Retail, which is at the doorsteps of continued exponential growth,” he said.

The CMD added that Reliance Retail has been at the forefront of bringing about the “organised retail revolution” in India.

“At the heart of our business is our relentless commitment to serving customers at scale to meet their everyday needs by providing extreme value and convenience. We do this by partnering with farmers, small and medium-scale manufacturers, merchants, vendors, start-ups and global companies.”

Reliance Retail, which runs supermarkets, consumer electronics chain store, cash and carry wholesaler, fast-fashion outlets and an online grocery store called JioMart. The unit operates almost 12,000 stores in nearly 7,000 towns. Last year, Reliance Retail revenues were Rs 1,62,936 crore and EBITDA was Rs 9,654 crore.

The company continues to be a partner of choice for marquee international brands, said the RIL chairman. The announcement of upcoming investments in Reliance Retail comes after a series of mega investments into RIL’s telecom and technology arm Jio Platforms.