Reliance Aims to Double Retail Business in 3-4 Years

Mumbai, Aug 29 (PTI) Country's leading retailer Reliance is aiming to double its business in next three to four years, its Director Isha Ambani said at the AGM.

For the financial year ended on March 31, 2024, Reliance Retail recorded a gross revenue of Rs 3.06 lakh crore (USD 36.8 billion), recording a growth of 17.8 per cent over the last year.

"With the strong foundation we have built, I am confident that we will achieve our goal of doubling our retail business in the next 3-4 years," said Isha Ambani.

Addressing the AGM, Reliance Chairman Mukesh Ambani said Reliance Retail has become among the top-5 global retailers in terms of the number of stores.

In terms of market capitalisation, Reliance Retail is among the top-10 retailers globally and among the top-30 in terms of revenues.

"We opened 1,840 new stores this year, bringing our total store count to 18,836 stores, with a retail space of 79 million square feet in total," Mukesh Ambani said.

He also added that the retail business raised Rs 17,814 crore (USD 2.1 billion) on a valuation of USD 100 billion.

While sharing the segment's performance, Isha Ambani said in segments such as grocery, Reliance Retail has emerged as the largest, but also one of the fastest-growing retailers, expanding at 2.5 times the increase rate of the rest of the modern trade, she added.

"Our growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence," she said.

On Reliance Retail Consumer Brands business, Isha Ambani said it is focused on creating high-quality products at affordable prices to drive greater consumption across India.

"We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of all these brands gives us confidence that we are on the right path," she added.