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Mukesh Ambani all set to foray into e-com during Diwali’s bumper deal frenzy

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Mukesh Ambani all set to foray into e-com during Diwali’s bumper deal frenzy

This festival term, web deals could get much superior and intense as Mukesh Ambani-headed Reliance Industries (RIL) is ready to make foray into the e-commerce section by this Diwali, when around 30% of the yearly sales get clocked.

Reliance Industries Limited is planning to roll out e-com project prior to Diwali, two sources in the know added.

While thus far Flipkart (now possessed by Walmart) and Amazon India have been contending severely via their Big Billion Day and Great Indian Diwali Sale, respectively, RIL project will turn the fight more problematic, analysts added up.

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RIL must be proposing to interrupt the huge festival bonanzas such as the Big Billion Days and the Great Indian Diwali that Flipkart and Amazon presented in the festival terms during the last years. The market anticipation is that it would be gigantic when Reliance rolls out something and it would surely be upsetting of the market space.

As per media reports in 2018, Mukesh Ambani during last year’s RIL annual general meeting (AGM) stated that his business would incorporate retail wing Reliance Retail’s physical market with Reliance Jio’s digital infrastructure to develop an e-commerce proposal.

RIL has said it plans to generate half of its revenues from the consumer business over the next 10 years. Currently, 80 per cent of the group’s sales come from its traditional oil and gas business, according to a Mint report last year.

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“With Jio, we have built a digital connectivity platform of unparalleled capacity and a nation-wide reach,” the media people quoted Mukesh Ambani as telling RIL investors, “This has enabled Reliance to strategically reinvent itself as a Technology Platform Company.”

Wealthist Indian Mukesh Ambani jumped six places to stand on the 13th position on Forbes World’s Billionaire list rolled out on Tuesday, which was once again led by Jeff Bezos. E-commerce giant Amazon originator Bezos, 55, remains the globe’s richest human being ahead of two biggies Bill Gates and Warren Buffett, as his reserves swelled by USD 19 billion in 12 months and is currently worth USD 131 billion, Forbes added.

Published by Sujatha Reddy on 08 Mar 2019

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