Indian business tycoon Mukesh Ambani has pledged to invest (approx.) 3 Lakh crore in the Indian state of Gujarat in the course of next 10 years. Report suggests this humongous investment Reliance may disburse to expand its business footprint in range of industries that includes energy, petrochemical, technology and digital business.
“Gujarat is Reliance’s Janmabhoomi (birthplace) as well as its Karmabhoomi (workplace). Gujarat has always been – and will always remain – our first choice,” Mukesh said at the 9th Vibrant Gujarat Global Summit. He further added that as the world is drifting towards electrical vehicles, Reliance will limit its use of hydrocarbon for making fuel and utilize it (hydrocarbons) to craft other innovative products for the general usage of the society. Moreover, Reliance foundation will invest approx. INR 150 crore to build an educational institution of international repute to cater the needs of students not only from Gujarat but also from other parts of the world.
According to Bloomberg, Reliance has some interesting e-commerce plans in its kitty which are intended to take on e-commerce giants like Amazon and Flipkart. Insiders say this energy-to-consumer conglomerate is planning to roll-out its online shopping platform to 1.2 million retailers and store owners in the western part of India. This move will assist Reliance to make it presence felt in the e-commerce market where organized retail is still a rarity.
Mukesh is very much fascinated to make a big mark in the e-commerce sector, especially, after the phenomenal success of Reliance Jio. Many times in the past, the business tycoon has revealed his plans focusing Reliance’s e-commerce business. In last July, he had revealed plans to use the concepts of virtual reality, holographs, and augmented reality to create a much profound and enriching shopping experience for its customers.
Recently, Indian government has made some big policy decisions concerning the transactions of e-commerce business in India. According to the new rules, foreign owned on-line retailers are now forbidden to sell their products via the company in which they own equity. Also, such companies cannot ‘push’ merchants to sell exclusively from its platform. Experts believe new rules are expected to affect the businesses of giants like Amazon and Walmart (which recently acquired Flipkart in a $16 billion deal) in India. And this would ultimately benefit Reliance in expanding its outreach in e-commerce sector.