Mumbai, Aug. 29 -- Reliance Industries Ltd (RIL) aims to achieve Rs.1 trillion in revenue from its packaged consumer products business, Reliance Consumer Products Ltd (RCPL), within five years, stepping up its challenge to sector leaders Hindustan Unilever (HUL) and ITC Ltd.

Addressing shareholders at the company's 48th annual general meeting on Friday, Isha M. Ambani, executive director of Reliance Retail Ventures Ltd, also said RCPL, its consumer products business, is set to become a direct subsidiary of Reliance Industries.

The company plans to invest Rs.40,000 crore over the next three years in building manufacturing capabilities for packaged foods and large-scale infrastructure, including Asia's largest integrated food parks with A...