Mukesh Ambani, the Chairman and Managing Director of Reliance Industries, provided insights into the company’s future plans for Reliance Retail during the 46th Annual General Meeting held in 2023.
Ambani hinted at the possibility of raising additional funds for the retail giant, citing strong interest from global strategic and financial investors.
In recent reports, it was revealed that Reliance Retail is considering selling 8-10 per cent more stakes to support its expansion, debt reduction, and preparations for an initial public offering (IPO). Notably, the company had recently secured a billion-dollar investment from the Qatar Investment Authority (QIA), in exchange for a 1 per cent minority stake.
Ambani attributed this unprecedented value creation to the company’s commitment to quality, innovation, customer-centricity, and adaptability. Isha M Ambani, the Executive Director of Reliance Retail Ventures Limited (RRVL), declared FY ’23 as a landmark year for the retail business. She highlighted investments of approximately US $ 10 billion over the past two years, focusing on integration, in-house brand development, and supply chain innovation.
Reliance Retail celebrated crossing the milestone of Rs. 100 crore transactions, serving around 30 per cent of India’s addressable market. With a current network of 18,040 stores, the retail giant claimed to have welcomed 8 crore footfalls in the previous fiscal year.
Overall, the AGM provided a glimpse into Reliance Retail’s impressive growth trajectory and its plans to continue expanding and innovating in the retail sector.
