Reliance AGM 2025: India’s largest retailer Reliance Retail on Friday announced that its Consumer Products business, RCPL, is set to become a direct subsidiary of Reliance Industries' Limited.
The move, unveiled at the company’s 48th Annual General Meeting (AGM), is aimed at consolidating all consumer brands under one focused entity.
Speaking at the AGM, Isha Ambani, director of Reliance Retail, said India’s $2 trillion consumer market is expanding at over 8% annually and represents a “high-growth opportunity.” She highlighted that the country’s 350 million middle-class households, with a combined purchasing power exceeding ₹100 lakh crore ($1.2 trillion), are driving demand for premium yet affordable branded products.
“For the first time in India’s history, rural markets, consisting of 900 million consumers, are driving 65% of the FMCG growth. They are adopting global-quality branded products faster than urban markets, with penetration growing at 35% annually. This combination of a rising middle class and accelerating rural adoption marks an unmissable consumption opportunity,” Ambani said.
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She added that RCPL is not only observing this shift but also shaping it by becoming a manufacturing-led company to deliver global-quality products at Indian prices. “This FMCG business will also be the blueprint for expansion into apparel, electronics, and other large and high-value consumer categories – built on deep consumer insight, design excellence, Deep-Tech manufacturing scale, and unmatched distribution,” she said.
On growth targets, Ambani set a clear near-term goal of becoming the fastest consumer brands company to reach ₹1 lakh crore ($11.7 billion) in revenue within five years. "Our long-term ambition is to become India’s largest FMCG company with a global presence. This will make RCPL a big new value-creating engine for Reliance, comparable to our Retail business in size and profitability,” said Isha.
Chairman Mukesh Ambani said the creation of RCPL, along with Reliance Intelligence, marks the launch of two new growth engines for the conglomerate. “Each of them has the potential to grow larger than our existing business segments. RCPL, as a subsidiary of RIL, is a strategic move to create India’s largest FMCG company. RCPL's phenomenal growth is guaranteed by the consumption boom in India, our world-class supply chain, and advanced manufacturing capabilities,” he said.
Reliance Retail in Q1FY26 had reported 28.3% year-on-year (YoY) increase in profit to ₹3,271 crore and an 11.3% YoY rise in revenue to ₹84,171 crore. The company added 388 new stores, expanding its customer base to 358 million, while the early monsoon season temporarily impacted the consumer electronics segment, although recovery is underway.
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The company was among the Top-5 global retailers in terms of number of stores in FY24. The company was among the Top-10 retailers in terms of market capitalisation and among the Top-20 retailers in terms of number of employees, and among the Top-30 retailers in terms of revenues.
Reliance Retail’s key announcements in 2024 AGM
The move, unveiled at the company’s 48th Annual General Meeting (AGM), is aimed at consolidating all consumer brands under one focused entity.
Speaking at the AGM, Isha Ambani, director of Reliance Retail, said India’s $2 trillion consumer market is expanding at over 8% annually and represents a “high-growth opportunity.” She highlighted that the country’s 350 million middle-class households, with a combined purchasing power exceeding ₹100 lakh crore ($1.2 trillion), are driving demand for premium yet affordable branded products.
“For the first time in India’s history, rural markets, consisting of 900 million consumers, are driving 65% of the FMCG growth. They are adopting global-quality branded products faster than urban markets, with penetration growing at 35% annually. This combination of a rising middle class and accelerating rural adoption marks an unmissable consumption opportunity,” Ambani said.
Also Read: Jio crosses 500 million customers, aims IPO by H1 2026, Mukesh Ambani says
She added that RCPL is not only observing this shift but also shaping it by becoming a manufacturing-led company to deliver global-quality products at Indian prices. “This FMCG business will also be the blueprint for expansion into apparel, electronics, and other large and high-value consumer categories – built on deep consumer insight, design excellence, Deep-Tech manufacturing scale, and unmatched distribution,” she said.
On growth targets, Ambani set a clear near-term goal of becoming the fastest consumer brands company to reach ₹1 lakh crore ($11.7 billion) in revenue within five years. "Our long-term ambition is to become India’s largest FMCG company with a global presence. This will make RCPL a big new value-creating engine for Reliance, comparable to our Retail business in size and profitability,” said Isha.
Chairman Mukesh Ambani said the creation of RCPL, along with Reliance Intelligence, marks the launch of two new growth engines for the conglomerate. “Each of them has the potential to grow larger than our existing business segments. RCPL, as a subsidiary of RIL, is a strategic move to create India’s largest FMCG company. RCPL's phenomenal growth is guaranteed by the consumption boom in India, our world-class supply chain, and advanced manufacturing capabilities,” he said.
Reliance Retail in Q1FY26 had reported 28.3% year-on-year (YoY) increase in profit to ₹3,271 crore and an 11.3% YoY rise in revenue to ₹84,171 crore. The company added 388 new stores, expanding its customer base to 358 million, while the early monsoon season temporarily impacted the consumer electronics segment, although recovery is underway.
Also Read: Reliance Jio announces launch of high performance personal computers
The company was among the Top-5 global retailers in terms of number of stores in FY24. The company was among the Top-10 retailers in terms of market capitalisation and among the Top-20 retailers in terms of number of employees, and among the Top-30 retailers in terms of revenues.
Reliance Retail’s key announcements in 2024 AGM
- Expansion into jewellery: Director Isha Ambani announced plans to enter luxury jewellery with design-led collections and expand into fashion jewellery and accessories.
- New retail formats: A new format focused on mobiles and laptops will be launched along with expansion of Reliance Digital big-box stores.
- Fashion and lifestyle brands: Investments in Kalanikethan, Zivame, Clovia, Amante and Urban Ladder strengthened category presence. Reliance-owned brands Avaasa, Netplay and DNMX crossed ₹2,000 crore in annual sales, while John Players and Teamspirit exceeded ₹1,000 crore.
- Grocery business: Expansion is happening at 2.5x the pace of modern trade, especially in small towns. Premium formats Fresh Signature and Freshpik are being scaled up in large cities.
- Beauty and personal care: Omni-channel presence across Tira, Sephora, Kiko Milano and Blushlace, with expanded beauty offerings in grocery, pharma and fashion. Reliance is also building its own brand portfolio through its stake in Insight Cosmetics.
- FMCG growth: Campa, Lotus Chocolates and Sosyo brands are gaining traction. A pan-India supply chain with in-house R&D in Bengaluru is helping the company roll out new food products competitively.
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