Mumbai, June 18: Sounding bullish on India’s retail sector, Reliance Industries CMD Mukesh Ambani today envisioned a ten-fold surge in the group’s retail arm business in the next five years, taking its total revenues to Rs 45,000 crore.
“I believe that organised retailing in India is poised to take off to the next orbit of growth… Over the next five years, I can realistically foresee this business growing ten- fold,” Ambani said while addressing the company’s annual general meeting here.
In FY2009-10, its retail arm’s revenues stood at Rs 4,500 crore, he said, adding that it currently operates 1,150 stores across 86 cities in 14 states.
Making his ambitions clear, Ambani said the company is “well equipped to be a national leader”.
Giving future projections, the RIL chief also stated that its strategy of investing in good back-end facilities, including a robust supply chain, was correct
–Agencies