New Delhi : Reliance Industries’ retail arm will leverage the strength of group’s telecom vertical, Jio, to further consolidate its position in the organised retail sector in India through aggressive expansion plans, according to RIL’s latest annual report.
Reliance Retail, which crossed $10 billion sales and became the first Indian company to enter the world’s top 200 retail chains, would continue to expand network in tier II and III cities in the country.
It has identified four key pillars to achieve expansion that includes — augmenting geographical reach, innovating newer store concepts and channels, enhancing customer experience and leveraging technology.
“Reliance Retail has the ambition of reaching the hinterlands of the country and is putting together a framework of expanding each store concepts across tier 2 and tier 3 cities and beyond to achieve market leadership,” RIL said in its annual report for FY 2017-18. It further said: “It will leverage and interplay strengths with Reliance Jio to execute this.”
According to the company, the retail sector has huge scope to grow as “organised retail has a 9 per cent share in the overall Indian retailing market, providing significant growth opportunities to the formal sector”.
Reliance Retail’s revenues grew 104.9 per cent Y-o-Y to Rs 69,198 crore, sustaining a revenue CAGR of 45 per cent over the last 5 years.
“Reliance Retail is the only Indian retailer to rank among the world’s top 200 global retail chains,” said RIL Chairman and Managing Director Mukesh Ambani in his message to shareholders.
Jio to cover 99% of population by year-end
NEW DELHI: Reliance Jio said it is looking at covering 99 per cent of India’s population by the end of the current fiscal. “India’s digital services market is continuing its exponential growth trajectory with Jio expanding its coverage and further deepening in existing areas to achieve 99 per cent population coverage during FY 2018-19,” RIL said. Jio reported to have 186.6 million users as on March 31, 2018, up by 83 million compared to 2016-17, with average revenue per user of Rs 137 per month. “Our new-age consumer businesses achieved leadership positions nationally – their growth rates outpacing the best in the world. Jio stunned the world and made us proud by turning profitable in the very first year of operations,” RIL CMD Mukesh Ambani said.