India's Reliance plans 1m jobs
Afp, Mumbai
One of India's leading businessman, Mukesh Ambani, says he plans to create a million new jobs through an agrarian and retail revolution by building an Indian version of Wal-Mart, the world's largest store chain. Ambani, head of petrochemicals giant Reliance Industries, said in an interview he wanted to revolutionise the country's backward farming and retail sectors and to become a supplier to the world's supermarkets. He plans a network of stores in India with an annual sales target of 25 billion dollars by 2011 to make his company "a Wal-Mart in India", he told Newsweek magazine according to its online edition Tuesday. Wal-Mart of the United States is the largest retailer in the world, having revolutionised the business through a super efficient management system overseeing thousands of suppliers. "We are rebalancing the world. We are in fact lucky to be at the right place at the right time, contributing to our self-confidence as Indians. That's what energises me," Ambani said. He said the company, Reliance Retail, would work with farmers to improve productivity and build 20 billion dollars of agricultural exports every year. "We are also creating something that is totally missing in India: an efficient distribution system linked to supermarkets across the world.
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