Reliance Retail to create 10 lakh jobs
Reliance Industries (RIL) retailing arm Reliance Retail would grow at least three times in the next 3 to 5 years, Chairman and Managing Director Mukesh Ambani said on Thursday.
New Delhi: Reliance Industries' (RIL) retailing arm Reliance Retail would grow at least three times in the next 3 to 5 years, Chairman and Managing Director Mukesh Ambani said on Thursday.
It continues to be among the fastest-growing retailers globally and the company aims to be among the top ten retailers of the world, Ambani said at RIL's annual general meeting with shareholders. In the next three years, Reliance Retail will create employment opportunities for over ten lakh people and enable the livelihoods for many more, he added. Reliance Retail will continue to acquire businesses to heighten its offering, sharpen omnichannel capabilities, and drive operating efficiencies, as it has recently acquired digital platforms as Netmeds, Urban Ladder and Zivame, Ambani said.
The company has plans to onboard over one crore merchant partners over the next three years on its e-Commerce venture JioMart. In addition, Reliance Retail will also expand its store footprint multi-fold this year, with co-located delivery hubs in the next few years. "I am confident that Reliance Retail is on a hyper-growth trajectory to grow at least 3X in the next 3 to 5 years," Ambani said. Despite a challenging year, Reliance Retail had revenues of Rs 1,53,818 crore and an EBITDA (pre-tax profit) of Rs 9,842 crore in FY21. "We are by far the leader in each category -- grocery, electronics and apparel," Ambani said. Reliance Retail would further invest in our research, design and product development capabilities along with strengthening its sourcing ecosystem and supply chain infrastructure to maximise efficiencies, he added.
"An automated, modular, reliable and scalable warehousing and logistics ecosystem will enable us to deliver products anywhere across the country in the shortest possible time," he said. In the pandemic impacted FY21, Reliance Retail added 1,500 new stores, which is among the largest retail expansion undertaken by any retailer during this period. Reliance Retail has a total store count of 12,711. "We continue to maintain and strengthen our leadership position. Today, one in every eight Indians shops with Reliance Retail," Ambani said.