Reliance Retail to enter wholesale business
03 Jun 2011
Reliance Retail will expand into the cash-and-carry wholesale segment over the next two years even as it consolidates the retail business.
Under the wholesale format, Reliance will offer both national and international brands for small traders in the country, Muksh Ambani, chairman and managing director of Reliance group, said.
Addressing shareholders of the company at its 37th AGM, Ambani said Reliance Retail has made substantial investments over the past five years and is all set to emerge a market leader across all formats over the next two years.
Reliance Retail has already become the largest food retailer in the country, he said, adding that all specialty formats of the company would attain top positions in their respective segments in the next two years.
Reliance is also planning to enter new business areas (probably telecom and financial services), in partnership with some of the global leaders, Ambani said.
Ambani did not mention the new areas of businesses the group planned to enter. He, however, said a partnership for a business transformation is high on the agenda for Reliance.
