RIL AGM: Reliance to enter FMCG biz this year

At the 45th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), its retail arm's director Isha Ambani announced that the company will launch a fast-moving consumer business (FMCG) business.

"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.

As part of our commitment to India's rich culture and heritage, we will soon start marketing quality goods produced by tribals and other marginalised communities across India. This will not only provide these communities gainful opportunities for employment and entrepreneurship but also help preserve the incredibly rich talent, skill sets and knowledge base of our traditional Indian artisans, especially women," Isha Ambani said.

"We served over 200 million registered customers, at Reliance Retail's physical stores and digital platforms. We welcomed 520 million walk-ins to our stores, a growth of 18% YoY, and 4.5 billion visits to our digital platforms, up 2.3x YoY.

"Our digital commerce platforms continued their growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year."

"We opened over 2,500 stores in the year to take our store count to over 15,000. We generated employment for more than 1,50,000 during the year, taking our employee base to over 3,60,000."

"Finally, on behalf of the entire Retail team, I would like to end by reiterating our commitment to exponentially grow this business in the years to come," she added.

RIL is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

RIL reported 40.8% increase in consolidated net profit to Rs 19,443 crore on 56.7% increase in net sales to Rs 2,19,304 crore in Q1 June 2022 over Q1 June 2021.

Shares of RIL fell 0.72% to Rs 2600 on the BSE.

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