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Reliance Retail to get in global investors in few quarters

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New Delhi, July 15 (IANS) Reliance Industries Limited (RIL) chairman Mukesh Ambani on Wednesday 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.

“Today the world recognizes our hyper-growth inclusive model. We have received strong interest from strategic and financial investors 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 serve 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.”

Last year, Reliance Retail revenues were Rs 1,62,936 crore and EBITDA was Rs 9,654 crore, he said.

He said that Reliance Retail is India’s largest and most profitable retail business and the fastest growing retailer in the world, and the only Indian retailer to feature in the top 100 global retailers.

The company continues to be a partner of choice for marquee international brands, said the RIL chairman.

“I applaud the retail team for ensuring the supply of essentials to our consumers, despite enormous constraints during the lockdown,” he said.

The announcement of upcoming investments in Reliance Retail comes after a series of mega investments into RIL’s telecom and technology arm Jio Platforms.

On Wednesday, Ambani also made the announcement that Google will invest Rs 33,737 crore into Jio Platforms for an equity stake of 7.73 per cent from its previous close. The total investments from financial and strategic investors into Jio Platforms stands at Rs 1,52,056 crore.



(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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