India’s richest man Mukesh Ambani the chairman of Reliance Industries, announced details of a new online shopping platform Friday that will see his oil-to-telecoms conglomerate take on Amazon and Walmart in India’s burgeoning e-commerce market, adding that company’s telecoms and consumer businesses planned to roll out the venture in the western state of Gujarat before expanding across India.
“Jio and Reliance Retail will launch a unique new commerce platform to empower and enrich our 12 lakh (1.2 million) small retailers and shopkeepers in Gujarat,” Ambani told a summit attended by Prime Minister Narendra Modi. Reliance shook up India’s telecoms market in September 2016 when it launched its 4G Jio network with free voice calls for life and vastly cheaper data. Amazon and leading Indian e-tailer Flipkart, which was bought by Walmart for $16 billion last year, have been expanding aggressively to gain a bigger slice of India´s growing online customers.
India’s e-commerce sales are expected to triple between now and 2022, when they are likely to pass the $100 billion mark, according to recent research by industry body NASSCOM and PricewaterhouseCoopers.
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17 August, 2019