A billionaire's bet on India's rising middle class is paying off

An employee taking stock of products at a Walmart Best Price Modern Wholesale store in Hyderabad. Billionaire Mukesh Ambani is making a big push into e-commerce, and has set big expectations for Reliance's consumer divisions, saying they will contrib
An employee taking stock of products at a Walmart Best Price Modern Wholesale store in Hyderabad. Billionaire Mukesh Ambani is making a big push into e-commerce, and has set big expectations for Reliance's consumer divisions, saying they will contribute almost as much to the conglomerate's earnings as energy-related arms by the end of 2028.PHOTO: BLOOMBERG
Billionaire Mukesh Ambani
Billionaire Mukesh Ambani

Asia's richest man set to take on Amazon, Walmart with online shopping platform

MUMBAI • Billionaire Mukesh Ambani's debt-fuelled bet on the rise of the Indian consumer is starting to pay off, with his retail and telecommunications businesses contributing an increasing share of revenue and profit to his US$87 billion (S$118 billion) empire.

The two divisions accounted for a combined 23 per cent of revenue for the year that ended in March, up from 17 per cent in the previous year, according to data compiled by Bloomberg.

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A version of this article appeared in the print edition of The Straits Times on April 22, 2019, with the headline 'A billionaire's bet on India's rising middle class is paying off'. Print Edition | Subscribe