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Looking to cash in on the growth of India's consumer-centric economy Reliance Industries Ltd announced on Tuesday a big-ticket expansion in retailing business, which would have presence in 1,500 cities across India at an investment of about Rs 25,000 crore (Rs 250 billion) generating over 1000,000 new jobs.
Addressing the company's shareholders in its 32nd annual general meeting, RIL Chairman Mukesh Ambani said a new company Reliance Retail Ltd, a 100 per cent subsidiary of RIL, would spearhead the retail initiative in which it is expected to "expend more than Rs 25,000 crore in the years to come".
RIL unveils retail plans, to pump in Rs 25,000 cr
Ambani said Reliance's retail business would focus on several verticals, which includes food and grocery, FMCG, apparels and footwear, consumer durables, farm implements and inputs, travel services, entertainment and leisure, health and well-being products; and educational products and services.
He said the retail business of the company would adopt a pan India approach and have presence in over 1,500 cities and towns 'embracing all strata of society'.
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