Reliance Retail (RRL), a subsidiary of the Reliance Industries, is on an expansion mode with plans to add more stores in the southern states.
Putting its mega retail plans on full throttle, Mukesh Ambani-promoted Reliance Retail has spent close to Rs 1,000 crore (Rs 10 billion) in two days acquiring commercial properties in the national capital.
Reliance Retail Ltd, an arm of Mukesh Ambani's Reliance Industries Ltd, posted profit for the first time after opening its first store nearly three-and-a-half years ago, mainly aided by a tax provision of Rs 250 million (Rs 25 crore).
The company sacked nearly 900 employees and shelved its investment plans in the state, which included nearly 200 Reliance Fresh stores over three years and a back-end logistics chain.
Reliance Industries Ltd has consolidated its balance sheet after the previous round of capex and is ready for the next level of growth, its chairman and managing director Mukesh Ambani said outlining plans from net zero to roll-out of True5G telecom network and retail. In the firm's latest annual report, he said in the world of volatility and uncertainty, India is shining as a beacon of stability and prosperity.
Revenue at Reliance Retail rose 34 per cent to Rs 14,496 crore (Rs 144.96 billion) in 2013-14 from a year earlier.
Reliance Retail, the subsidiary of petrochemicals giant Reliance Industries, will soon launch its own label of consumer electronics goods to complement its retail appliance stores.
The bigger threat for DMart is that the Reliance-Future combine now has grocery revenues that are nearly 2.5 times of it, putting pressure on the former to improve stickiness of its consumers.
Reliance Retail opened four more Fresh outlets in Hyderabad on Friday taking its tally to 21.
Reliance's move will put at stake about 10,000 jobs in Uttar Pradesh and Orissa. Already, about 1,000 people, 60 per cent of whom are directly employed, have been sacked.
Kicking off its Rs 25,000 crore (Rs 250 billion) mega retail plans, Reliance Industries announced on Friday that its first store will come up in Hyderabad in September, which will be a vegetable and food store.
The move is expected to give high retail exposure to its products in innumerable kirana stores in the country, without having to spend much on advertising and marketing expenses apart from generating business volumes. When contacted, Reliance Retail spokesperson said: "As a policy, we do not comment on speculation." In a recent reshuffle at the company, Reliance Fresh head Gunender Kapur was made head of private labels business in the company.
The retail arm of the Mukesh Ambani-led group had almost halted its expansion plans as a credit crunch roiled markets across the globe forcing companies to withhold new projects. The company also froze fresh recruitment.
Aiming to make consumer businesses a key part of the business, industrialist Mukesh Ambani on Thursday said that the group's retail venture was aiming to grow its revenue 5-6 times and achieve sales of Rs 40,000-50,000 crore (Rs 400-500 billion) in the next three to four years.
Reliance Industries Ltd on Monday reported a 5 per cent fall in the net profit for the July-September quarter, as weak oil refining and petrochemical business hurt operational performance.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
M&S may hold a majority stake in the venture and the final contours of the partnership are being finalised. India allows 51 per cent foreign direct investment in single-brand retail and 100 per cent in cash-and-carry operations. Multi-brand retail is barred for foreign companies and investors. M&S may hold a majority stake in the venture and the final contours of the partnership are being finalised.
Global investment management firm Bernstein has pegged the enterprise valuation of Reliance Industries (RIL)'s 85 per cent stake in Reliance Retail at $111 billion, while valuing the Mukesh Ambani-led company's 66.5 per cent stake in telecom and digital platform arm Reliance Jio at $88 billion. Reliance Industries had earlier planned to list both its subsidiaries to unlock value for its shareholders but hadn't fixed any timeline. The report said that Reliance Retail had raised $6 billion by diluting a 10.1 per cent stake, while Jio Platforms raised $20 billion from investors by selling 33 per cent in 2020.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Reliance Industries chairman and MD Mukesh Ambani on Tuesday announced an additional Rs 20,000-crore investment for West Bengal over the next three years. Ambani said the fresh investment will be in the areas of digital life solutions, retail and bio-energy.
Reliance Industries Ltd, India's most valuable company, on Friday reported a 5 per cent drop in its June quarter net profit as lower fuel cracks and petrochemical margins outdid gains in telecom and retail businesses. The oil-to-retail-to-telecom conglomerate's consolidated net profit was at Rs 15,138 crore, or Rs 22.37 per share, in April-June -- the first quarter of the current 2023-24 fiscal year -- compared to Rs 16,011 crore, or Rs 23.66 a share, earnings a year back, according to a company's statement.
The overall retail market could be worth $400 billion in the next seven years, based on a compounded annual growth rate of 8 per cent, which would put Reliance Retail's market share at 5 per cent, says a CLSA report.
Reliance Industries invested Rs 30,000 crore (around $3.76 billion) in its retail business and added 2,500 stores, taking the total store count to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd (RIL) said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh.
The Competition Commission of India (CCI) on Tuesday said it has approved Reliance Retail Venture's acquisition of German firm Metro AG's wholesale operations in India. Reliance Retail Ventures Ltd (RRVL) is a subsidiary of Reliance Industries Ltd (RIL) while Metro Cash & Carry India is engaged in the wholesale operations in India. In December last year, it was announced that RRVL had signed definitive agreements to acquire a 100 per cent equity stake in the company for a total cash consideration of Rs 2,850 crore.
Billionaire Mukesh Ambani's Reliance Industries and Tata Group have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list.
Private equity (PE) investments in India have fallen to a 6-year low at $24.2 billion in the financial year ending March 2024. Investments via PE deals are down 47 per cent compared to FY23, when private equity deals worth $45.8 billion were signed. According to data sourced from Bloomberg, PE firms had signed record deals worth $80 billion in the financial year ending March 2022.
UK fashion retailer Superdry on Wednesday said it will sell its intellectual property assets in South Asia to Reliance Retail for 40 million pounds (Rs 402 crore) through a joint venture. Superdry, whose fashion line mostly includes sweatshirts, hoodies and jackets, will own 24 per cent of the joint venture while Reliance Retail, India's largest retailer, will have the remaining 76 per cent. Under the agreement, Superdry's brand IP assets in South Asia will be permanently transferred to the new JV entity.
The country's largest retailer Reliance Industries on Monday announced that it will enter the fast-moving consumer goods (FMCG) business this year as part of its expansion plan. Addressing the 45th AGM of Reliance Industries on Monday, Reliance Retail Ventures Ltd (RRVL) Director Isha Ambani said: "This year, we will launch our FMCG goods business". The objective of this business will be to develop and deliver products and solve every Indian's daily needs, with high-quality products at affordable pricing, she said while addressing Reliance Industries' annual general meeting.
It bought Rs 410 crore of electoral bonds between financial years 2021-22 and 2023-24, but Reliance said the company is not a subsidiary of any Reliance entity.
Qwik Supply, the third largest donor to political parities using electoral bonds, bought Rs 410 crore bonds between 2021-22 and 2023-24, and gave all but Rs 25 crore to the BJP.
Shares of Reliance Industries (RIL) traded 2 per cent higher at Rs 2,310.10 on the BSE in intra-day trade in an otherwise volatile market after the company reported a 27.4 per cent year-on-year (YoY) growth in its consolidated net profit at Rs 17,394 crore for the September quarter (Q2FY24). While revenue growth of the company was flattish YoY at Rs 2.32 trillion, the profit rose on the back of operational improvement across most segments, especially higher profits in the O2C (oil-to-chemicals) and oil & gas businesses, as well as the retail business. "Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth," said Mukesh Ambani, chairman and managing director of the company.
Isha's stab at the bottom of the laptop pyramid shows she is a true Ambani.
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
Logistics and delivery firm Dunzo plans to settle dues of former employees in next three months while it is regularising salary for its current employees, sources said. The firm backed by Reliance Retail and Google said that while its co-founder Davlir Suri has decided to leave the company, another co-founder Mukund Jha will continue be part of the strategic leadership team. "In June salary of 85 per cent employees were paid.
Meta Platforms Inc, the parent company of WhatsApp, will partner with Reliance JioMart for a service where WhatsApp users can buy groceries on the messaging platform from the Indian retail firm. Mark Zuckerberg, chief executive officer (CEO) of Meta Platforms, said in a Facebook post, "[I am] Excited to launch our partnership with JioMart in India. "This is our first-ever end-to-end shopping experience on WhatsApp--people can now buy groceries from JioMart right in a chat." "Business messaging is an area with real momentum and chat-based experiences like this will be the go-to way people and businesses communicate in the years to come," he said in an announcement coinciding with the annual general Meeting (AGM) of Reliance Industries the parent company of JioMart.
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