New Delhi: Mukesh Ambani-led Reliance Industries (RIL) is all set to enter the consumer durables market under its Wyzr brand. The company would be launching a variety of white goods and electronics products including fans, refrigerators, and televisions over the next several months, reports stated.
RIL is contemplating on planning to manufacture these products under contract and when it captures a significant share in the market, the company aims to begin manufacturing them independently.
Reliance has done a soft launch of a range of coolers under the Wyzr brand. The items are currently being sold on e-commerce platform Flipkart. The company would also launch food processors and electric kettles under the same brand. Wyzr will sell only Made in India products.
Later, the products will be made available at Reliance’s own outlets like Reliance Digital and other retail formats. RIL will be in direct competition with giants like Tata, Samsung, LG and others who are into this business for decades.
Currently, the TV and other Home appliances is worth Rs 1.1 lakh crore in the Indian market and LG, Samsung, Haier, Whirlpool and Daikin are the players who have majority stake.
Reliance Industries plans to enter the consumer durables and home appliances market when there is an anticipation of increased rural demand. The incumbent government plans to build 20 million homes in rural areas over the next five years.
Reliance Industries 2023-24 Results
Gross Revenue was Rs 1,000,122 crore ($ 119.9 billion), up 2.6% Y-o-Y
EBITDA increased by 16.1 per cent Y-o-Y to Rs 178,677 crore ($ 21.4 billion) w
Tax Expenses increased by 26.2 per cent Y-o-Y to Rs 25,707 crore ($ 3.1 billion)
Profit after tax increased by 7.3 per cent Y-o-Y to Rs 79,020 crore ($ 9.5 billion).
Capital Expenditure for the year ended March 31, 2024, was Rs 131,769 crore ($ 15.8 billion)
Reliance Industries (RIL) is all set to enter consumer durable goods market under Wyzr brand. It will be in direct competition with Tata, Sansung, LG and others selling ACs, refrigerators. Companies Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
