Reliance Retail would not harm small and local neighbourhood retailers, RIL chairman Mukesh Ambani said amidst unabated protests by thousands of traders.
MUMBAI: Reliance Retail would not harm small and local neighbourhood retailers, Reliance Industries Ltd (RIL) chairman Mukesh Ambani said amidst unabated protests by thousands of traders, farmers and shopkeepers across India over entry of large corporate groups and foreign retailers in the sector.
"There had been some concerns recently over the growth of organised retail in India. We should also remember that transformational initiatives would always come with some challenges," Ambani told RIL shareholders here on Friday at the company's 33rd annual general meeting.
"Our retail initiative will in no way jeopardise small traders. This initiative had been taken for the benefit and development of rural India and offers wider and better choices for consumers," he added.
Reliance Retail, which has earmarked an investment of $5-$6 billion, launched its first fruit and vegetable stores called Reliance Fresh in November last year. Since then the company has opened 300 stores in 30 cities, Ambani said.
Outlining growth plans and future roadmap of the company, he indicated that the company would aggressively pursue organic and inorganic growth opportunities in the US and European markets.
"The Jamnagar plant will be completed ahead of schedule and at half the capital cost at which international refineries are built," Ambani added.
The Jamnagar refinery will also have a coke gasification complex by 2012 with a capacity of six million tonnes per year.
Adding that the company would invest $4 billion in the hydrocarbons sector, Ambani said: "Reliance is also looking at expanding its petrochemical businesses in other regions like Egypt and Russia."
The company has also acquired 8,300 acres in Haryana to develop a special economic zone.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}