"We estimate that our retail business will generate in excess of half a million jobs directly over the next five years and many times that number indirectly," Ambani said during its annual general meeting in Mumbai.

During last fiscal Reliance has organised its retail initiatives to focus on product market format. "We have now grown to nearly 700 stores, comprising fourteen distinct formats, across 60 towns and cities," Ambani said adding that "the Reliance Fresh format, which was the first format launched by the retail venture has grown to nearly 600 stores."

With a view to retain talent, Reliance would nurture home-grown talent, besides hiring top talent from premier technology and management institutions, Ambani said.

Further, the company would retain talent by way of a performance oriented employee stock option plan and is also working with educational institutions to help build more robust and industry oriented programmes.

Over the years, Reliance has initiated partnerships with international players for increasing its growth perspectives.

The company has tie-ups with UK's Marks and Spencer, European firm Pearle, US-based Apple Inc to operate iStores, with Office Depot for office products and services and with Vornado for retail real estate developments.

"Reliance Retail is well on track to create significant value creating platform, generate employment opportunities and trigger a socio economic transformation particularly in rural India," Ambani added.