Reliance Industries Ltd’s (RIL’s) revenues from retail operations would increase ten fold in the next five years, RIL Chairman and Managing Director Mukesh Ambani said on Friday. The company recorded revenues in excess of Rs 4,500 crore from its retail business for the fiscal year ended March 31.
RIL operates nearly 1,150 stores in 86 cities across 14 states.
“I am glad to report that our concerted efforts in this direction over the last three years have already made Reliance Retail the largest food retailer in the country,” Mukesh said.
“I believe that the business has built the right fundamentals, and its customer-centric and community-led business model positions it for strong and profitable growth in the coming years.”
“We have found that our strategy of investing upfront in creating a solid back-end, especially a robust supply chain, was the correct strategy,” he said.