Not only Mukesh Ambani but his daughter Isha Ambani also addressed the 47th Annual General Meeting of Reliance Industries. Isha Ambani, director of Reliance Retail Ventures Limited (RRVL), shared the latest updates and plans for the retail business at the Annual General Meeting.
Speaking about plans for Reliance Retail during the 47th AGM of Reliance Industries, Isha Ambani said the company is positioning 7-Eleven stores as a leading 24×7 convenience destination that will offer localised fresh food and beverages to suit Indian tastes.
Grocery
Isha Ambani said the retail business in the grocery category is not only the largest but also one of the fastest-growing retailers, expanding 2.5 times faster than the rest of the modern trade. “Our growth is driven by our focus on smaller towns, where more than two-thirds of our new store openings are happening. In many of these markets, we are the first modern retailer to establish a presence. At the same time, we are selectively expanding our premium formats, Fresh Signature and Freshpik, in larger cities, constantly innovating to enhance the consumer experience.”
Jio Mart
“Our online platform, JioMart, adds another layer of convenience, offering hyperlocal delivery with a wide and relevant assortment. Every one of our stores is equipped to handle digital orders seamlessly. Our extensive network of Smart Points across over 1,300 cities gives us a significant competitive advantage in the e-commerce space,” said Isha Ambani.
Milkbasket makes it easy for households to get daily delivery of essential products on their preferred schedule. Isha Ambani said, “We are expanding this service to new geographies by leveraging our existing supply chain.” With the acquisition of Metro India Cash & Carry, Reliance Retail has strengthened omni-channel capabilities, offering a wider assortment to kirana and Horeca partners.
“We are delighted to have over 4 million registered kirana partners in our new commerce business, supported by over 220 metro stores across 200 cities.” About the Reliance Retail Consumer Brands business, Isha Ambani said it is focused on creating high-quality products at affordable prices to drive greater consumption across India. “We have relaunched several popular brands such as Campa, Lotus Chocolates and Socio. The initial success of all these brands gives us confidence that we are on the right track,” she added.
Reliance Industries Chairman Mukesh Ambani announced that Reliance Retail is among the top 5 global retailers in terms of number of stores. He informed that Reliance Retail is among the top 10 retailers in terms of market capitalisation, among the top 20 retailers in terms of number of employees and among the top 30 retailers in terms of revenue. Reliance Retail recorded gross revenues of ₹3,06,848 crore ($36.8 billion), a growth of 17.8% over the previous year. During the year, Reliance Retail raised equity funds of ₹17,814 crore ($2.1 billion), achieving the US$100 billion valuation milestone.
