Reliance Industries Limited (RIL) has gone on a shopping spree after the company successfully managed to become debt free earlier this year.

RIL chief Mukesh Ambani, who is Asia’s richest man, had earlier raised more than $20 billion this year by selling stakes in the company’s technology venture, Jio Platforms.

Now, the sixth-richest man in the world is looking expand RIL’s product offerings by acquiring several local online retailers as it looks to take on other online retailers and e-commerce giants.

Also Read | Reliance buys majority stake in online pharmacy Netmeds for Rs 620 crore

Sources quoted in a Bloomberg news report indicate that RIL is actively looking to expand its product offerings to take on online retailers, especially Amazon.com Inc.

Reliance’s widening retail footprint

In a late BSE filing on Tuesday, Reliance announced details of its latest acquisition. Reliance Retail has acquired majority stake in online pharmacy Netmeds for approximately Rs 620 crore, said the company in a press release.

It may be noted that the deal comes days after Amazon.com launched an online drug sales service in India, indicating that Reliance is now seeking to challenge Amazon in terms of product offerings in the retail space.

The oil-to-telecom conglomerate is also in various stages of negotiations to either buy or purchase stakes in other consumer service offerings. Some companies that Reliance is eying include Urban Ladder, Zivame, Milkbasket and more.

Also Read | Reliance in talks to buy online furniture retail, milk delivery startups: Report

An earlier report suggested that Reliance is also closing in on a deal to buy Future Group’s retail business.

This is further proof that Mukesh Ambani, 63, is actively looking at strengthening RIL’s retail ventures to take on e-commerce giants in the country. Reliance is also looking to take on local rivals, all of whom are currently catering to over billion consumers.

RIL had shown intent to strengthen its retail business in 2019 and has been slowly expanding ever since. However, it seems that the novel coronavirus pandemic this year — during which online sales surged drastically — has nudged Reliance to fast forward its retail acquisition plans.

While Reliance has already expanded its footprint significantly in the retail space, market watchers believe that the company is now aiming to take up the pole position among e-commerce retailers in the country.

Also Read | Mukesh Ambani’s RIL closing in on deal to buy Future Group’s retail business