Reliance Industries Ltd (RIL) plans to list its telecom and retail venture Reliance Jio Infocomm and Reliance Retail in the next five years, Mukesh Ambani announced at its 42nd annual general meet (AGM) on Monday.

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"Reliance Jio and Reliance Retail, if listed separately, would be among the top ten companies in the country," Ambani said at the AGM.

The newest entrant in India's telecom space has crossed 340 million subscribers, he stated. Reliance Jio had a subscriber base of 125 million in the first year of its launch, which rose to 215 million in 2018.

India was data-dark before Jio, it has been made data shining bright by Jio, says Ambani.

"We are signing more than 10 million new customers every month on Jio and have become the second-largest operator in the world. RIL has invested Rs 3.5 lakh crore to create digital infrastructure in India," he added.

He also said the conglomerate's retail arm had crossed Rs 130,000 crore in revenue last year. Reliance Retail serves over one lakh customers every hour. Two-third of Reliance Retail stores are in Tier 2,3 and 4 towns. RIL's consumer business now collectively contributes 32 percent to consolidated EBIDTA.

"Day is not far when consumer business will be 50 percent of overall EBITDA," Ambani noted at the AGM.

Reliance Jio's entry triggered a price war among telcos when it launched services in September 2016, leading to consolidation in one of the world's most crowded telecom markets. Idea Cellular and Vodafone India announced the merger of their operations on March 20, 2017, creating an entity with a revenue of around Rs 77,500-80,000 crore.

Also, track all live action from the RIL AGM here.

First Published:Aug 12, 2019 1:09 PM IST