MUMBAI: Jefferies has initiated coverage on Reliance Industries with a buy rating and a target price of Rs 2,600 as it sees the oil-to-telecom conglomerate as a proxy for India's consumption growth story. The brokerage said that a transition from B2B to B2C and a potential stake sale in the O2C business will usher in the next investment cycle in Reliance Industries. The brokerage said Jio should further consolidate its leadership position with 25% EBITDA CAGR and gain 450 bps revenue market share to 42% by FY23. With organized retail only 12% of overall retail and Reliance Retail bigger than the next 10 retailers combined, it is in pole position for growth leadership, the brokerage said. "Their contribution in consolidated EBITDA should increase from 37% in FY20 to 49% in FY23," said Jefferies.