New commerce is a $700-billion business opportunity, said Mukesh Ambani.

Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said the company's retail arm will soon unveil Reliance New Commerce, an initiative to digitally connect kirana stores across the country.

Speaking to shareholders at RIL's 42nd Annual General Meeting, Mr Ambani said that the trials of Reliance Retail's digital commerce venture have delivered positive results.

"This user-friendly digital platform is designed for inventory management, customer relationship management, financial services and other services," he added.

According to the RIL chairman, the initiative is aimed at digitally empowering kirana stores, including those in smaller towns.

"Reliance Retail has brought a retail revolution in India," he said, adding that 'new commerce' is meant to revolutionise India's three crore kirana stores.

The purpose of 'new commerce' is to transform unorganised retail into organised retail. New commerce is a $700-billion business opportunity, he added.

On the business of Reliance Retail, he said the company had crossed Rs 1.3 lakh crore in revenue last year and added that two-third of its stores were in tier-II, III and tier-IV towns.

"It is four times larger than the second largest retail player and also larger than all the other major retailers put together," Mr Ambani said.

"Our two consumer businesses now collectively contribute nearly 32 per cent to the consolidated EBITDA, up from 2 per cent five years ago. The day is not far when their share would be 50 per cent," he added.