India's largest petrochemicals and oil company Reliance Industries Ltd. plans to invest
India's largest petrochemicals and oil company Reliance Industries Ltd. (RIL) plans to invest $25 billion in non-oil business, particularly in retailing, Indo-Asian News Service reported Tuesday.
"Organised retailing would be the next big idea in Reliance Industries' future plan," the company's chairman Mukesh Ambani said.
The company has set up a subsidiary, Reliance Retail Ltd., to venture into retailing with an equity capital of 100 billion rupees ($2.32 billion).
RIL is interested in selling consumer products like fruit and grocery, consumer durables, farm implements, apparel and footwear in neighborhood convenience stores, supermarkets and speciality stores.