Indian firm Reliance Retail has announced revenues in excess of US$989m for the financial year ending 31 March, Planet Retail has reported.
According to the group's annual report, Reliance Retail saw its losses drop to US$52.52m from US$93.18m the previous financial year.
The group's Reliance Fresh outlets recorded a turnover of US$458.01m while Reliance Hypermart stores recorded sales of US$113.58m
"You will recall that one of the key strategic imperatives of Reliance Retail was to address the food supply chain, and to build deep relationships with customers, farmers and other producers," said group chairman Mukesh Ambani at the company's annual general meeting.
"I am glad to report that our concerted efforts in this direction over the last three years have already made Reliance Retail the largest food retailer in the country."
Mr Ambani said he hoped the company's retail business would grow ten-fold on its current level over the next five years.
