Mumbai: Jio and Reliance Retail businesses will be separated and listed on bourses in next five years, Chairman and Managing Director Mukesh Ambani said at Reliance Industries’ 42nd Annual General Meeting on August 12.
He further said Reliance would induct leading global partners in these businesses in the next few quarters.
“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail,” Mukesh Ambani, Chairman and Managing Director said in his speech.
Reliance Retail, with presence in nearly 7,000 towns and cities, achieved a significant milestone with turnover crossing Rs 1.3 lakh crore in the last year. The business also registered a 7-fold increase in revenue and a 14-fold increase in profit in the last six years.
“Today, we are the only Indian retailer to be ranked in the Global 100 top retailers. Over the next five years, our aim is to be amongst the world’s top 20 retailers,” Ambani said.
Jio, which will turn three-year-old on September 5 this year, has a customer base of more than 340 million and is targeting to hit 500 million customers base soon.
“Jio has become not just the largest operator in India but also the second-largest single country operator in the world,” Ambani said.
Company has invested nearly Rs 3.5 lakh crore towards creating a state-of-the-art digital infrastructure across India, with the largest optical fiber footprint.
Ambani said the investment cycle for Jio is now complete and only marginal investments in access are now required to grow capacity to meet growing demand.”This gives tremendous operating leverage and superior returns on our investments for years to come,” he added.
Last year, Reliance transferred its telecom infrastructure assets to two separate infrastructure trusts for a consideration of Rs 1.25 lakh crore with the intention of raising this money from large global institutional investors.
“We have received strong interest and commitments from reputed global investors and are confident that these transactions will be completed by the end of this financial year,” Ambani said.
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Source: News18