“We will induct leading global partners in these businesses in the next few quarters, and move toward listing of both these companies
within the next five years,” Ambani had told shareholders in August referring to the retail and telecom units.
For the year to March, Reliance’s organized retail revenue jumped 89% to 1.3 trillion rupees in the year. The earnings before interest and taxes jumped 169% to 55.5 billion rupees, according to a company statement which did not specify a net income for the business.
Reliance Retail, with 10,901 stores across the country, runs India’s largest chain of neighborhood supermarket stores and consumer electronics stores besides being the top wholesale supplier to nation’s army of small shopkeepers.
The valuation set by Reliance is double that of Avenue Supermarts Ltd., which runs India’s biggest supermarket chain. Tesco is valued at $32 billion.
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