INSUBCONTINENT EXCLUSIVE:
said the company's retail arm will soon unveil Reliance New Commerce, an initiative to digitally connect kirana stores across the
country.Speaking to shareholders at RIL's 42nd Annual General Meeting, Mr Ambani said that the trials of Reliance Retail's digital
commerce venture have delivered positive results."This user-friendly digital platform is designed for inventory management, customer
adding that 'new commerce' is meant to revolutionise India's three crore kirana stores.The purpose of 'new commerce' is to transform
unorganised retail into organised retail
New commerce is a $700-billion business opportunity, he added.On the business of Reliance Retail, he said the company had crossed Rs 1.3
lakh crore in revenue last year and added that two-third of its stores were in tier-II, III and tier-IV towns."It is four times larger than
the second largest retail player and also larger than all the other major retailers put together," Mr Ambani said."Our two consumer
businesses now collectively contribute nearly 32 per cent to the consolidated EBITDA, up from 2 per cent five years ago
The day is not far when their share would be 50 per cent," he added.Get Breaking news, live coverage, and Latest News from India and around
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