Mumbai: Reliance Retail will soon launch cash-and-carry format stores for wholesale business, while its consumer-focused business will become market leader across all formats in the next two years, Mukesh Ambani said on Friday.
Reliance Retail will soon launch cash-and-carry format stores to offer numerous national and international brands for small traders across the country, Ambani said.
Addressing Reliance Industries’ shareholders at the company’s 37th AGM, the chairman and MD said that RIL subsidiary Reliance Retail has made substantial investments over the past five years.
Asserting that Reliance Retail has already become largest food retailer in the country, Ambani said that all the specialty formats of the company would attain top positions in their respective segments in next two years.
Ambani also said that Reliance Retail has already got the largest portfolio in terms of number of formats and 25 lakh customers were shopping at the company’s various stores every week.
He said that further growth was expected in the retail business on the back of future investments and Reliance Retail was currently at an inflection point.