Isha Ambani, director of Reliance Retail Ventures Ltd, on Monday said the company is going to launch its first fast-moving consumer goods (FMCG) business and its objective is to develop products to solve every Indian’s daily needs. She was addressing the 45th annual general meeting (AGM) of Reliance Industries Ltd (RIL) on Monday.
“I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high-quality, affordable products which solve every Indian’s daily needs,” Isha Ambani, the daughter of RIL Chairman Mukesh Ambani, said.
With the entry into the FMCG space, Reliance Retail will compete with companies like Britannia, Hindustan Unilever Ltd and Nestle.
On Reliance Retail, RIL Chairman Mukesh Ambani said, “Let me congratulate the entire leadership team of Reliance Retail on achieving a record of Rs 2 lakh crore turnover and an Ebitda of Rs 12,000 crore. Today, Reliance Retail is among the top-10 retailers in Asia. Reliance Retail’s purpose is to serve millions of customers everyday by providing them unlimited choice, outstanding value proposition, superior quality, and unmatched shopping and delivery experience through our physical stores, merchant partner stores, and digital and omni-commerce platforms.”
He said Reliance’s business model has five imperatives. First, focus on enriching customer experience across every digital and physicaltouchpoint using technology. Second, operationalise and grow multiple channels with the aim to increase our reach to serve our customers across India, especially the underserved rural India. In this endeavour, the company’s strategy is to integrate with millions of small merchants and provide them a platform to prosper. We will enable them to become an integral part of the widest distribution portfolio across the country, so that they can provide the choices available in big cities to their customers in the hinterland.
Third, deepen the categories that the company operates in, so that it can offer maximum choice on a continuous basis to our customers across all strata of the community. “We will do this by investing in design, value, service and experience to empower customers,” Mukesh Ambani said.
The fourth imperative is to expand Reliance’s product portfolio. It will partner and integrate with all brands, small producers, and MSMEs, so that we can source from the widest range of quality products for our customers. “We will extend our product and design capability to MSMEs, so that they can offer products of the highest quality across different price points and become globally competitive.”
Fifth, strengthen Reliance’s logistics and supply chain capabilities. “We will establish a strong technology-enabled supply chain, capable of moving products across geographies in India in the most efficient manner,” he said.
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