Reliance to invest Rs 25,000 cr in retail

‘‘Organised retailing would be an overarching theme of the expansion and growth of Reliance in the near-term future,’’ Ambani said at the meeting which was barred to the media for the first time in the recent years.

A bitter feud broke out last week between Mukesh and his younger brother Anil Ambani over Reliance’s plan to enter into the airports and power business. According to Anil, both these businesses were reserved for him as per an agreement between the brothers last year.

Mukesh outlined three new business fronts: urban infrastructure and special economic zones, new businesses in life sciences and healthcare, and cross-border acquisitions in existing and new businesses.

‘‘Just as information technology and communication enabled a new wave of urban and industrial prosperity, organised retailing will bring about a new wave of rural prosperity. It will bring the benefits of globalisation and reform to the doorsteps of Indian farmers,’’ Ambani said as his mother Kokilaben and wife Neeta watched from the front row of the auditorium. However, Anil Ambani did not attend the meeting.

Reliance shares were marginally up at Rs 985 in a firm Mumbai stock market.

Ambani also said Reliance had discovered oil in its exploration block in the Krishna Godavari basin off the east coast where the company has already found the country’s largest gas field. ‘‘This discovery signifies a large geological play that could result in future discoveries,’’ he said but gave no detail about the size of the find.

The company, which operates India’s biggest refinery, had also created 1,218 retail fuel outlets in two years, he said. Ambani said retail would have a pan India footprint covering 1500 towns and cities and it will have appropriate mix of formats from neighbourhood convenience stores, super markets to speciality stores.

The company also plans to bring in an array of Indian and international brands catering to both mass markets and luxury segments. ‘‘Reliance will have an integration with a world class supply chain, logistics and infotech infrastructure across the country,’’ he added.

Ambani said the agriculture sector in India has a great potential and its retail subsidiary will deliver better returns to the Indian farmers and producers by connecting them directly to Indian and global consumers.

The company will also develop partnerships with small retailers to enlarge their consumer offerings and income. The retail foray will generate employment for about one million people in the ensuing years, Ambani said amid cheers from the shareholders.

On hiring spree

MUMBAI: RIL’s organised retailing initiative already has 2,000 highly energetic and experienced professionals engaged with implementation plans for organised retailing. ‘‘This number would soon swell to about 10,000 professionals as the initiative progresses,’’ Chairman Mukesh Ambani said. They would be joined by 500,000 young boys and girls over the next few years, recruited and trained in customer service, behavioural traits, product knowledge and technology aspects, he said.