Reliance Industries CMD Mukesh Ambani said during this speech at the 43rd annual general meeting (AGM) that RIL will induct global partners into Reliance Retail as the company has received strong interest from strategic and financial investors for its retail business.

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"We have successfully piloted JioMart grocery model 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," Ambani said.

Speaking about Reliance Retail, Ambani stressed that it is one of India's largest and most profitable retail businesses. "More than two-thirds of our nearly 12,000 stores are operating in Tier II, III and IV towns. The deep-rooted bond with tens of thousands of farmers has helped us source over 80 percent of our fresh fruits and vegetable directly from farmers," he said.

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"We sell more fruits and vegetables than any other organised retailer in the country. We also provide large employment and development opportunities for lakhs of people across India," said Ambani and added that RIL will cover more cities in the coming years and reduce inefficiencies by creating more value in the retail ecosystem.

One of the biggest announcements during the AGM was Google's investment in Jio Platforms. The global tech giant will invest Rs 33,737 crore for a 7.8 percent stake in Jio Platforms, making it the second largest investor of RIL.

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

First Published:Jul 15, 2020 6:58 PM IST