Target ₹1 lakh cr for FMCG biz

RELIANCE INDUSTRIES WILL give its ₹11,500-crore fast-moving consumer goods (FMCG) business a big push as it forays into new spaces which can drive growth.

- VIVEAT SUSAN PINTO

RIL is looking to seize what it describes as a "high-growth opportunity" in India's 2-lakh-crore consumer market, which is growing at 8% annually. Rural consumers, who number nearly 900 million, are driving 65% of FMCG growth, Reliance Retail director Isha Ambani said on Friday at the company's 48th annual general meeting (AGM). Meanwhile, India's 350-million middle-class households are gravitating towards premium products and experiences at affordable prices. This combination of a rising middle class and accelerating rural adoption marked an "unmissable consumption opportunity", she said, for the rationale to press the FMCG accelerator button.