Billionaire Chairman Mukesh Ambani outlined the plan Thursday at the company’s annual shareholders’ meeting in Mumbai saying Reliance saw its “biggest growth opportunity in creating a hybrid, online-to-offline new commerce platform.” The effort will involve the group’s Reliance Retail Ltd. and Reliance Jio Infocomm Ltd. businesses, he said. The latter will also introduce a fiber-based broadband service August 15.
Global retail powerhouses like Amazon and Walmart have been investing in India’s retail industry, where e-commerce sales may more than double to $72 billion by 2022 from $32.7 billion in 2018, research firm eMarketer estimates. The retail-to-refining conglomerate is looking to tap the online market after spending as much as 2.5 trillion rupees ($36.3 billion) in setting up mobile and fiber broadband infrastructure, Ambani said.
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