Reliance Retail’s business will increase, 10 lakh people will get employment

New Delhi : Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani on Thursday said that the turnover of retail group company Reliance Retail will at least triple in 3-5 years. He said that in the next three years, the company will create employment opportunities for more than 10 lakh people and enable livelihood for many more.

Ambani told the annual general meeting of RIL shareholders that Reliance Retail is one of the fastest growing retailers in the world. The company aims to be among the top 10 retail companies in the world. The company plans to add more than 10 million business partners from its e-commerce arm Jio Mart in the next three years. Ambani said that I am sure that Reliance Retail will grow at least three times in the next three to five years while on the path of rapid growth. Ambani said the company will continue to acquire business units to expand its service. It has recently acquired digital companies like Netmeds, Urban Ladder and Jivame.

Despite having a challenging year, Reliance Retail posted a revenue of Rs 1,53,818 crore and profit before tax of Rs 9,842 crore in the financial year 2020-21. He said that the company is currently the leader in the retail business of Grocery, Electronic Goods and Apparel. Ambani said that today every eighth person in India buys from Reliance Retail. Reliance Retail sells 3 million pieces of groceries every day.

He said that 180 million pieces of apparel were sold in our apparel business in a year, which is equivalent to the sale of about 5 lakh pieces on a daily basis. In this way the clothing needs of the population of Britain, Germany and Spain can be met. He said that more than three lakh shopkeepers in 150 cities are associated with Jiomart and this has helped them to rejuvenate their business.

Reliance Retail had signed a deal to buy the retail and logistics business of Future Group in 2020-21. The matter is awaiting the Supreme Court’s decision following Amazon’s complaints against the deal. In the last financial year, the company raised Rs 47,265 crore from foreign investors, which has been the biggest ever fund raising campaign in the country.