Ambani also outlined a five-point agenda for the division as it sought to be amongst the top 10 global retailers in the next few years
Mukesh Ambani, chairman of Reliance Industries (RIL), will set up more stores, sharpen omnichannel capabilities, and acquire new businesses as he looks to scale up operations of his retail division, the largest organized player in the country.
Addressing shareholders at the company's 44th annual general meeting on Thursday, Ambani, 64, said Reliance Retail was on a "hyper-growth trajectory". It would grow at least "3x in three to five years", providing 1 million jobs to people in the near future.
Ambani also outlined a five-point agenda for the division as it sought to be amongst the top 10 global retailers in the next few years.
"Reliance Retail continues to be among the fastest-growing retailers in the world. To expand the circle of shared prosperity, we will be focusing on five key initiatives, including research, design, and product development capabilities, sourcing ecosystem, supply-chain infrastructure, expanding store footprint multi-fold, and acquiring businesses," he said of the division's future road map.
The RIL chairman, however, chose to steer clear of announcing any listing plans for Reliance Retail, whose 2020-21 (FY21) turnover stood at Rs 1.53 trillion - over 6x the nearest competitor in retail.
Reliance Retail had added 1,500 stores in FY21 and had taken its total store count for the year to 12,711 outlets across multiple formats, including grocery, electronics, and apparel.
The division's earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 9,842 crore in FY21, with Ambani indicating that retail and Jio were together contributing to half of RIL's total Ebitda of Rs 98,000 crore for the year.
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