Mukesh Ambani said that Reliance Retail continues to be amongst the fastest growing retailers in the world. Image: ReutersRIL Chairman Mukesh Ambani spelt out the strategies and roadmap of the company’s digital and retail businesses at 44th Annual General Meeting (AGM). RIL chief announced his plans to make India 2G-mukt (free from 2G) and make the country 5G-enabled. He also launched the JioPhone Next, an ultra-affordable 4G smartphone jointly developed by Google. This will be a fully-featured smartphone supporting the entire suite of applications from both Google and Jio. While, on the retail front, Mukesh Ambani expects three times growth in retail business in next 3-5 years. The company has listed out five initiatives to achieve three times growth in the coming years.
Reliance Jio: India to become not only 2G-mukt but also 5G-yukt
– To make India 2G-mukt, Jio and Google have developed an affordable smartphone, JioPhone Next, which will provide first time internet access for 2G users.
– RIL is confident of being the first to launch full-fledged 5G services.
– In order to develop the end-to-end 5G ecosystem, the company is working with leading global partners to develop a full range of 5G-capable devices.
– “The Jio 5G technology is well positioned to create compelling applications for consumers and enterprises spanning Healthcare, Education, Entertainment, Retail and other key verticals of the economy,” Mukesh Ambani said.
– Jio is not only working to make India 2G-mukt, but also 5G-yukt. Ambani said that once Jio’s 5G solution is proven at India-scale, they will export Jio 5G solutions to other telecom operators across the world.
‘Reliance Retail to grow 3x in next 3-5 years’
Reliance Retail business has added 65,000 new jobs and the company aims to further create employment for over 10 lakh people in the next three years. The company now focuses on five key initiatives:
1. It will further invest in research, design and product development capabilities. In the next year the company will set up design, research, technology and innovation centres in key areas globally and nationally to develop differentiated offerings for our diverse customer groups.
2. The company will further strengthen the sourcing ecosystem working closely with producers, MSMEs, service providers, local and international brand companies.
3. The company is investing in building state-of-the-art supply chain infrastructure across India by linking all major sourcing and consumption locations. An automated, modular, reliable and scalable warehousing and logistics ecosystem will enable the company to deliver products anywhere across the country in the shortest possible time.
4. The company will focus on expanding its store footprint multi-fold this year with co-located delivery hubs over the next few years. They will provide a strong network to reach and serve millions of merchants and customers.
5. The company will continue acquiring businesses to scale up its omni-channel capabilities, drive operating efficiencies and strengthen the talent pool. Recent acquisitions include
leading physical/digital commerce platforms like Netmeds, Urban Ladder and Zivame.
Mukesh Ambani said that Reliance Retail continues to be amongst the fastest-growing retailers in the world. “We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper-growth trajectory to grow at least 3x in the next 3-5 years,” Ambani said.
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