Source: Agencies02 Apr 2016 20:45:18

Mumbai, April 2: The reliance industries limited, controlled by the India’s richest man Mukesh Ambani, is going to step in the e-commerce market of the country. Reliance Retail, the retail business of Reliance Industries Ltd, will launch its new website ‘ajio.com’ for fashion and lifestyle e-commerce business. It will be competing against established domestic players such as Myntra or global firms such as Amazon.

Sanjay Mehra, chief executive of ajio.com declined to say how many cities the web site would initially deliver to. But Mehra, on a launch event, said the company's target was to take its delivery capacity to 15,000 pincodes over the next 2 months.

India has about 40,000 pincodes - the equivalent of postal codes in other countries - according to government data.According to a KPMG report, India's e-commerce business is expected to produce sales of 36.7 billion dollars by the year 2020.