Aiming to make consumer businesses a key part of the business, industrialist Mukesh Ambani on Thursday said that the group's retail venture was aiming to grow its revenue 5-6 times and achieve sales of Rs 40,000-50,000 crore (Rs 400-500 billion) in the next three to four years.
"We are investing aggressively in this business (Reliance Retail)... We are targetting 5-6 times of existing revenue and achieve sales of Rs 40,000-50,000 crore and would turn profitable within this time period," Ambani told Reliance Industries' shareholders at their Annual General Meeting.
He further said that Reliance Retail will be one of the important growth drivers for the group.
Ambani further said that the business has grown strong in five years of its beginning with over 1,300 stores and has created a leadership position.
He further said that Reliance Retail has provided new employment for 50,000 people, including 25,000
The company was looking to grow its customer base by over three-times from about 30 lakh people visiting its retail stores every week currently to over one crore people every week in 3-4 years, he said.
Ambani further said that Reliance Retail through its newest format Reliance Markets is partnering kirana stores and small retailers to supply them products at low prices.
"We aim to be a supplier of choice for kiranas and small retailers... We will grow in retail in partnerships with small retailers," he added.
"We have strengthened our portfolio of global brands through partnerships... We will continue to invest in partnerships with consumers, brands and producers," he said.
"Consumer businesses will form a significant part our our business in less than a decade," he noted.
Image: Danish Siddiqui/Reuters
