Reliance Retail will launch the Fast-Moving Consumer Goods (FMCG) business by this year, Isha Ambani said at Reliance Industries 45th Annual General Meeting on Monday. Isha currently serves as the director of Reliance Retail.
“Reliance Retail will launch its fast-moving consumer goods (FMCG) business, with an objective to develop and deliver high-quality, affordable products which solve every Indian's daily needs,” Isha said.
Isha said that Reliance Retail has more than 200 million registered customers at its physical stores and digital platforms. The company’s digital platforms growth surged 2.5 times compared to last year, with nearly six lakh orders being delivered every day.
“Reliance Retail’s own brands contribute to over 65 per cent of overall revenues,” Isha said.
Notably, Reliance Retail's merchant partner base crossed more than 20 lakh partners last year. Moreover, through its acquisition of the online pharmacy company Netmeds, Reliance Retail onboarded merchants across 1,900 towns.
“The New Commerce initiative is on course to partner with 1 crore merchants as it expands presence to cover the entire country in next 5 years,” Isha added.
Notably, Mukesh Ambani, the chairman of Reliance Industries said that under Isha’s leadership, Reliance Retail clocked a turnover of Rs 2 crore, with an EBITDA of Rs 12,000 crore, thus becoming one of the top 10 retailers in Asia.
His statement is indicative that the baton for Reliance Retail’s leadership will soon be passed on to Isha.