Reliance Industries Ltd (RIL), in its 42nd annual general meeting on Monday, said its units Reliance Retail and Jio have proved the sceptics wrong who said RIL cannot succeed in the consumer business.

In the company's last annual general meeting, RIL Chairman Mukesh Ambani said Reliance Retail is larger than all major retailers put together.

"Reliance Jio and Reliance Retail, if listed separately, would be among Top 10 companies in India," said Ambani.

Ambani said Reliance Retail has crossed Rs 130,000 crore turnover. RIL's consumer business now collectively contributes 32 percent to consolidated EBIDTA.

"The day is not far when consumer business will be 50 percent of overall EBITDA," said Ambani at the AGM.

On the telecom front, Ambani said Jio is signing 10 million new customers every month and that Jio has become the largest operator in India and second largest in the world.

Ambani leads Reliance Jio Infocomm Ltd., which has gone from zero to more than 340 million subscribers, all of them on a nationwide 4G network, since 2016.

Prior to Jio’s entry into the market, India had more than 10 wireless providers, with the smallest five accounting for about 21 percent and Bharti, the largest, taking up 25 percent.

Disclosure:

RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.

First Published:Aug 12, 2019 11:18 AM IST