Petrochemicals giant Reliance Industries on Tuesday unveiled an ambitious Rs 25,000 crore retail initiative to set footprint in 1,500 towns and cities across India and offer a variety of products and services, ranging from food and grocery to health and education.
"Organised retailing will be the overarching theme of the expansion and growth of Reliance in the near-term future," Reliance Industries Chairman Mukesh Ambani told shareholders at the company's 32nd AGM.
Outlining the contours of the "next big idea", Ambani said the company envisioned kicking off a "retail revolution" across the country involving farmers, small shopkeepers, consumers and the youth.
He also said that Reliance will develop opportunities in agriculture and food processing to support the retail business which is likely to employ one million people.
"A new company , Reliance Retail Ltd, would spearhead this revolution. RIL has a 100 per cent stake in RRL," he said, adding that it would entail an equity investment of Rs 10,000 crore which would gradually be scaled up to Rs 25,000 crore.
Simultaneously, the company would open up "three broad fronts" which include tapping opportunities in urban infrastructure and special economic zones and new economy businesses like life sciences and healthcare.
Besides, the company would also scout for cross-border acquisitions in existing and new businesses, he said.