National brands prefer the acquisition route since the southern market is culturally different, reports T E Narasimhan from Chennai.
Debt-ridden Future Group is now focusing on saving and rebuilding firms such as -- Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer and Future Enterprises, after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors, according to industry sources. However, Future Group's flagship firm Future Retail Ltd (FRL), which has nearly Rs 18,000 crore debt, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). Other companies like Future Enterprises Ltd (FEL), Future Lifestyle Fashions Ltd (FLFL), Future Supply Chain Solutions Ltd (FSCSL), Future Consumer Ltd (FCL) can sustain on their own and can be rebuilt by restructuring their liabilities with the help of current lenders and investors, said an industry source close to the Future Group.
Indiabulls Wholesale Services, the retail arm of Indiabulls Real Estate, has acquired Piramyd Retail, a company owned by the Ashok Piramal Group which runs 35 neighbourhood retail stores and seven lifestyle stores. Indiabulls Wholesale has acquired 63.92 per cent stake in Piramyd Retail at an enterprise value of around Rs 208 crore (Rs 2.08 billion), said sources close to the deal.
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
Labelled 'More', first store expected in Pune in June.
The sale of Nature's Basket, Godrej's chain of food stores in west India, is the second exit by a big group in a year in the category
Investment by US PE firm KKR will add fire to Ambani's battle for dominance in the retail market that is also being eyed by Jeff Bezos' Amazon and Walmart's Flipkart.
We are adapting to the situation by innovating new delivery modelss, launching brand campaigns that are impactful in the current context and closely monitoring changes in consumer buying behaviour, he said.
Tucked away at a lane in Arehalli Guddadahalli, a small village in Bengaluru Rural district is a nondescript factory of LaundryMate, one of India's first organised technology-led online laundry services firms. The company has built the country's largest laundry facility, which is spread across 53,000 square feet - the size of a football field. Inside the hangar-like building, one can hear the whooshing and humming sound of big hi-tech washing machines being operated by the newly-recruited staff of LaundryMate.
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
Amazon has also signed a term sheet with Kishore Biyani-led Future group to invest $600 million to $700 million for a 12 to 15 per cent stake in the retail giant, it is learnt.
Phonemaker Apple is said to be in talks to take 30,000 sq ft retail space at plush property Maker Maxity, in Bandra Kurla Complex
Potato seed is selling for Rs 60-70 per kg in the open market this year as compared to Rs 18-22 earlier.
Billionaire Mukesh Ambani's Reliance Industries Ltd has bought Britain's iconic country club and luxury golf resort, Stoke Park, for 57 million pounds (about Rs 592 crore). The acquisition adds to Reliance's current stake in Oberoi hotels and hotel/managed residences in Mumbai that it's developing. Over the past four years, Reliance has announced $3.3 billion in acquisitions with 14 per cent in retail, 80 per cent in technology, media, and telecom (TMT) sector, and 6 per cent in energy. The UK-based firm, which owns a hotel and golf course in Buckinghamshire, UK, will add to Reliance's consumer and hospitality assets, the firm said in a filing late on Thursday.
Zelda Pande recounts the specialness with which Diwali was celebrated in her home in Ranchi.
With an epic battle of billionaires for supremacy in one of the world's most prolific markets and a pandemic-propelled surge in online shopping in the background, India's nearly trillion-dollar retail market is hoping to touch 85 per cent of the pre-COVID business in the first half of the New Year. In a year when the COVID-19 carnage ripped apart the retail business, circa 2020 will best go down for the unravelling of the war between Jeff Bezos, the world's wealthiest man, and richest Indian Mukesh Ambani for pre-eminence in the booming market that is estimated to reach $1.3 trillion by 2025. It all started with Ambani's Reliance Industries agreeing in August to buy assets of the nation's second-largest retailer for Rs 24,713 crore, just a year after Bezos' Amazon purchased an indirect stake in the indebted Future Retail.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
'Unlike Big Bazaar, where the promoter calls the shot, in ABRL, professionals take decisions. So, every new CEO leads to a change in strategy, which confuses vendors and the team.'
For the fiscal ended 2021, the group has made a loss of Rs 5,943 crore on sales of Rs 11,723 crore, a drop of 66 per cent over fiscal 2020. The group's total debt was up by 7 per cent to Rs 20,742 crore.
RIL is setting up infrastructure for a full-fledged horizontal e-commerce offering - internally called the New Commerce - to simultaneously launch pan-India by October-November.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
December 2022 could be the last Christmas for Santha Bakery, a business drawing its lineage from the first Christmas cake baked in Kerala.
Live lessons help students strengthen their JEE preparation. They can also track their progress over time, identify strong and weak areas, get insights on overall test-taking strategy.
This makes it the most valued fintech company in the country after Paytm and Walmart-owned PhonePe.
Kishore Biyani led-Future Group has filed a caveat before the Delhi high court requesting it to be heard if any plea is filed by e-commerce major Amazon over its Rs 24,713 crore deal with Mukesh Ambani-led RIL. Anticipating a move by Amazon, which had got an interim arbitration award in its favour, putting the announced deal on hold, the Future Group firm has moved the Delhi high court.
The stipulation that new front-end stores will have to be set up will impact M&A in the sector.
From the stock perspective, though, even as all the 10 analysts polled by Bloomberg have a 'buy' recommendation on FRL, their target price of Rs 535 suggest most of the positives are already priced in.
While the brand did step into cities such as Delhi in the last few years, it is now stitching up an expansion strategy aimed at partaking of growth in areas where consumption of ice cream remains strong.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
Dark pods are physical stores or warehouses which will be accessible only to Swiggy staff and which will host groceries, pharmacies, and cloud kitchens.
TikTok has stressed that its US user data is already stored on US-based servers and backed up in Singapore, and is therefore not subject to Chinese law as some US officials have feared.
After making handsome profits on Biba and AND, the homegrown retailer plans a string of similar investments.
Google launched Wallet in 2011.
There is pain in the business when you expand and bank credit is difficult to come by. Everybody has to readjust the pace and speed with which they are growing, says R Subramanian.
US e-commerce giant Amazon has written to the independent directors of Future Retail Limited (FRL), including Gagan Singh, Ravindra Dhariwal and Jacob Mathew, and its audit committee, providing data and alleging that there have been significant financial irregularities to the prejudice of public shareholders, banks, creditors, and third-party suppliers. Amazon has said this warrants a thorough and independent examination of all relevant facts and related-party transactions, including of past financial years, by an independent agency. Separately, Amazon has written to Securities and Exchange Board of India Chairman Ajay Tyagi, seeking the withdrawal of the regulator's conditional approval granted to FRL related to the merger deal between the Future group and Reliance.
BigBasket co-founder Abhinay Choudhari has exited the company, and in his next entrepreneurial journey, he is looking to "solve another equally painful chore for many Indian households" after grocery shopping. The Tata group acquired a majority stake in the online grocery store in May. And when the deal happened, Choudhari decided he won't continue to be part of the management team.
Faced with a clutter of coffee houses and cafes that also serve the brew, the chain that has 119 stores in seven cities in India is looking at ways to differentiate its brand from the rest.
