RIL AGM 2022: Mukesh Ambani Talks About Reliance Retail’s Success, Lists Panch Pran of Business

RIL AGM 2022: Reliance Retail during the last financial year achieved Rs 2 lakh crore turnover, Reliance Industries Limited chairperson Mukesh Ambani said on Monday, August 29. The RIL boss also said that the company is now among the top 10 retailers in Asia and its purpose is to serve millions of customers by providing them the best experience.

Mukesh Ambani congratulated 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,” he said addressing shareholders at the 45th RIL AGM.

“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,” Ambani said.

Ambani listed five imperatives, or Panch Pran, of Reliance Retail’s business model.

“First, focus on enriching customer experience across every digital and physical touch point using technology,” Ambani said.

“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, our strategy is to integrate with millions of small merchants and provide them a platform to prosper,” he said.

“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,” Ambani added.

The third imperative is to, deepen the categories that the company operates in, so that it can offer maximum choice on a continuous basis to the customers across all strata of the community, he said. “We will do this by investing in design, value, service and experience to empower customers.”

Fourth imperative is to expand Reliance Retail’s product portfolio. “We 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,” said Ambani.

The fifth imperative is to strengthen the company’s logistics and supply chain capabilities, noted Ambani. “We will establish a strong technology-enabled supply chain, capable of moving products across geographies in India in the most efficient manner. Eliminating inefficiencies and waste will bring huge gains to customers, as well as to the national economy,” he said.

Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Read all the Latest Business News and Breaking News here