i Develop Stocks Advisory

Reliance eyes more international JVs for retail biz Mukesh Ambani-led Reliance group is looking to rope in more international partners in its retail business, on top of the joint ventures already announced for various store formats. Reliance Industries has recognised "strategic alliances" to be a key driver to its retail business, and accordingly, it established key JVs with international partners in apparel, optical and office products businesses in 2007-08, the company said in its annual report being sent to the shareholders. The company said that Reliance Retail would "continue to seek synergistic opportunities with other international players as well." Besides, Reliance Retail would continue its focus on rapid expansion of the existing and other new formats across India in the current fiscal, the annual report noted. Drawing parallels with the urban and industrial prosperity brought in by sectors like IT and communications, Reliance Industries said that its retail business would bring about prosperity in the rural part of the country. In his letter to shareholders, RIL's Chairman and MD Mukesh Ambani said that Reliance Retail continued its roll out of stores during the last fiscal. "With 590 stores in 57 cities, spanning 13 states, and over 3.5 million square feet of trading space, I am confident that our newest business will scale the same heights as all our other businesses have," he noted. "I believe that with the stated aim of generating one million jobs in retail, this is a truly transformational venture whose success will further our national priorities," Ambani said.