New Delhi: The chairman of India’s leading company Reliance Industries Mukesh Ambani is preparing to launch its e-commerce venture. As per the report, company is planning to launch the ecommerce venture ahead of Diwali, when etailers clock around 30% of their total annual sales.

Sensex and Nifty shows an upward trend in early trade…detail inside

With the entry of the RIL, online shoppers are likely to get big discounts this Dewali as RIL's entry into the ecommerce space would force incumbent players to offer better deals to customers. Earlier this year, during the Vibrant Gujarat summit, Mukesh Ambani had said that his group companies Reliance Retail and Reliance Jio Infocom would jointly launch a new e-commerce platform in the country and Gujarat would be the first state to get it.

Last year adressing at the 41st annual general meeting (AGM) last year, Ambani had said that by 2025, it aims to double the group's revenue with the help of retail and telecom businesses' increasing contribution. He had also hinted about the group's plan on expansion of its retail business using Jio's digital platform.

The Rupees appreciated against the US dollar in early trade

It may be noted that Reliance industries shares have rallied over 40% in last one year, outperforming the broader Sensex and Nifty.  As per the Analysts, the growth of its consumer-facing businesses like retail and telecom has been the main driving factor behind the stock price rally.

As per report,  RIL is expected to come up with an initial public offer (IPO) for its retail venture, to achieve its aim of 30% annual growth over the next 10 years.