Will induct global partners in Reliance Retail in upcoming quarters, says Mukesh Ambani

According to Ambani, Reliance Retail has already started to pilot a grocery model for its e-commerce venture, JioMart, with kirana partners.

Press Trust of India July 15, 2020 20:15:34 IST
Will induct global partners in Reliance Retail in upcoming quarters, says Mukesh Ambani

Mumbai: Reliance Industries Limited chairman Mukesh Ambani on Wednesday announced that he has acknowledged strong interest from global strategic and financial investors in his group's retail venture.

"We will induct global partners and investors in Reliance Retail in the next few quarters," Ambani said at Reliance Industries annual general meeting (AGM).

According to Ambani, Reliance Retail has already started to pilot a grocery model for its e-commerce venture, JioMart, with kirana partners.

“The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," he said.

The billionaire maintains that the venture will connect farmers and deliver their fresh produce directly to homes, as a key part of the firm's grocery strategy, and improve food growers’ income and incentivise their produce.

More than two-thirds of Reliance Retails' nearly 12,000 stores in Tier II, Tier III and Tier IV towns source over 80 per cent of fruits and vegetables directly from farmers, he said.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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