India's biggest retailer Reliance will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business, two sources familiar with the plan told Reuters.
Currently, the stock is trading around ₹2,461.45/share, in Monday's trade, up by 1.31% from its previous close on the BSE at 11:30 IST.
With the new business plan, Reliance is seeking to challenge some of the world's biggest consumer groups, like Nestle, Unilever, PepsiCo Inc and Coca-Cola, which have been operating for decades in India, sources told Reuters.
Reliance plans to build a portfolio of 50 to 60 grocery, household, and personal care brands within six months and is hiring an army of distributors to take them to mom-and-pop stores and bigger retail outlets across the nation, the report said.
The company is in the final stages of negotiations with around 30 popular niche local consumer brands to fully acquire them or form joint venture partnerships for sales, said the first source familiar with its business planning.
Reliance had set a goal to achieve 500 billion rupees ($6.5 billion) of annual sales from the business within five years, the second source told Reuters.
Meanwhile, Reliance Industries became the first Indian company to cross $100 bn revenue.
Reliance Industries Limited (RIL) posted a consolidated profit after tax (PAT) at Rs16,203 crore, up 22.5 per cent in the quarter ended March 31, 2022.
In the quarter ended March 31, 2022, Reliance Industries Limited (RIL) reported a consolidated profit after tax (PAT) of ₹16,203 crore, a 22.5 per cent increase.