INDIA – Reliance Industries, Indian multinational conglomerate, is positioning itself as a key player in India’s growth story, with a particular focus on technological innovation, energy security, and retail expansion.
The company plans to double retail arm business in the next three to four years. During the company’s Annual General Meeting (AGM), the CEO Mukesh Ambani said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation.
A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future.
He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology.
The retail segment, Reliance Retail, recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year.
The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space.
This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally.
Isha Ambani, Director of Reliance Retail, said that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened.
Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo.
As the global landscape becomes increasingly uncertain, Mukesh Ambani expressed confidence in India’s role as a key growth engine in the global economy.
The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.
Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE
