Reliance Industries is planning to enter financial services and is considering to apply for a NBFC licence. The company is currently eyeing to enter into agriculture, rural and micro finance. Reliance is formulating a strategy to empower farmers who are suppliers to Reliance Fresh and to middle class Indian consumers who shop till they drop.
The company is also considering distribution of mutual funds and insurance schemes. It plans to provide loans to consumers for high value retail shopping. The company''s aim is to tap farmers for steady supply of goods via agriculture, rural and micro finance.
RIL is evaluating various options to enter into financial products distribution. No concrete plans has been put into place to enter into agriculture, rural and micro finance, Reliance Industries Spokesperson said.
Reliance is planning to open 1,000 hypermarkets by 2011 and it is planning to replicate Wal-Mart format there by selling from ''pins to cars''. Analysts say that with rising middle class, consumer finance will be the key to its retail success.
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