Reliance Retail will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group. Future Group's financial and insurance businesses are not part of the deal.
Future group founder Kishore Biyani on Wednesday said the homegrown retail major lost nearly Rs 7,000 crore revenue in first three-four months of the Covid-19 pandemic due to closing of stores, which led him to sell his business to Reliance Industries.
Those on H-1B visas have to find a new job within 60 days or head back to India.
At present, other large players in the grocery and food retail space include Flipkart Supermart, Bigbasket, and Grofers.
Did Jeff Bezos decide against endorsing Harris because it would hurt his business interests? Only God and Bezos know, and neither of them are talking, notes Prem Panicker.
This was only four days after many aggrieved buyers chose social networking sites to attack Flipkart's 'Big Billion Day' discount this Monday (October 6), followed by an apology from the company's co-founders, Sachin and Binny Bansal.
Stepping up the company's AI and cloud play, Reliance Industries chairman Mukesh Ambani on Thursday announced that Jio users will get up to 100 GB of free cloud storage to securely store and access their photos, videos, documents, digital content and data. Addressing the 47th AGM of RIL, Ambani said the Jio AI-Cloud Welcome offer will be launched during the upcoming Diwali, which would bring a "powerful and affordable solution where cloud data storage and data-powered AI services are available to everyone, everywhere". "Jio users will get up to 100 GB of free cloud storage to securely store and access all their photos, videos, documents, all other digital content, and data.
Sebi allowed the deal with some riders, five months after it was announced last August.
While the talks are still at a preliminary stage, sources said major retail players had held discussions with Amazon
The TIME 100 AI list is an interesting assortment of titans. Indians make up about 20 per cent of the coveted list, which is pretty commendable, notes Sandeep Goyal.
Its growth has been driven by discounts rather than enticing new customers to its platform
Quick commerce major Zepto has raised $340 million in a follow-on financing round at a valuation of $5 billion as it gears up for an initial public offering (IPO). This is Zepto's third big-ticket fundraise within a year. With this, the company has raised more than $1 billion in 12 months.
In order to determine whether this would be sound strategy for them, one needs to look at two issues: One, on the alliances being built globally between telcos, on one hand, and cloud service firms, on the other, especially with the advent of 5G; and two, how their business strategies in India will blend into with such a deal.
Global e-commerce company Amazon has said it sees "substantial uncertainties" in interpretation of Indian laws, which could impact its business in one of the world's fastest-growing multi-billion dollar online shopping market.
Thotakura was selected as one of the six crew members for the mission, making him the first Indian space tourist and the second Indian to venture into space after the Indian Army's Wing Commander Rakesh Sharma in 1984.
Amazon Prime has reportedly bought the film's exclusive premiere rights at a whopping Rs 30 crore.
It was a day with a difference for industry icons Salim-Javed, who transformed Hindi cinema in the 1970s with films like Zanjeer, Sholay, Deewar and Don, when their families got together to hail them on stage.
Under its door-step delivery model, consumers can shop at any of the three Future Group-owned convenience formats - Easyday, Nilgiris and Heritage - both online or offline.
A spread of eclectic entertainment on OTT for you.
Since September, Reliance Retail has raised money from Silver Lake, KKR, Mubadala, Abu Dhabi Investment Authority , GIC, TPG, General Atlantic and Saudi Arabia's Public Investment Fund in a divestment programme that mirrored sister Jio Platforms a few months earlier.
Thotakura was selected as one of the six crew members for the NS-25 mission, making him the first Indian space tourist and the second Indian to venture into space after the Indian Army's Wing Commander Rakesh Sharma in 1984.
Future, which recently tied up with Amazon in India to sell its fashion and food products exclusively on the American giant's marketplace platform, is looking at a gross merchandise value of about Rs 6,000 crore (Rs 60 billion) in the next three years from the venture.
At the heart of the issue is the way e-commerce is defined in the current draft policy.
The equity infusion will happen at Rs 505 a unit, which is a premium of nearly 14 per cent over February 4's close of Rs 444.60.
It's raining brand new seasons and shows on OTT this week.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
As the Indian version of The Archies gets ready to hit OTT, Deepa Gahlot picks 10 interesting college-and-youth-oriented shows on OTT.
There are enough threads left to weave a Season 4, hopefully without the dark clouds hovering over Phulera.
Sukanya Verma covers the whole spectrum for you.
Amazon is working on deepening its engagement with young technology companies in the country.
Given that Twelve Final Days doesn't really delve into the genesis of Roger Federer, the ups and downs of his career, the assumption is that it is meant for people who are already familiar with his work, observes Deepti Patwardhan.
In its first acquisition in India, the American online retail giant is planning to buy out the fashion portal
Companies planning merger and acquisition (M&A) will have to disclose the extent of "complementary linkages" among them and their impact on the market. This comes under the revised reporting requirements of the Competition Commission of India (CCI). The changes will take effect on May 1. Entities may also have to provide market-facing data of the past five years with respect to their market size, the market share of the parties, and also that of the competitors, along with customers and suppliers.
Vivek Ruparel from Jadavpur University who recently cracked a tough interview at Amazon tells us how he did it.
The global billionaires list witnessed as many as 94 new entrants from India, stated a report by Hurun India on Tuesday. Following a net addition of 84, the country's billionaire tally touched 271 with their combined wealth at $1 trillion, noted the report. Mukesh Ambani, chairman & managing director of Reliance Industries, is the only Indian to make it into the top 10 of the Hurun Global Rich List 2024, a ranking of billionaires in US dollar terms.
From Hrithik Roshan's mind games in Vikram Vedha to South Korea's biggest blockbuster of 2023 so far, Sukanya Verma lists everything you can watch on streaming platforms this weekend.
Romance in the nineties, fairytale fights, fables and time travelling between mythological times to modern -- fantasy and reality collide on OTT this week.
Thriller, horror, feel-good, rom-com, action, vendetta, biopics -- you name it, you got it on OTT this week.
After supermarket giant Walmart, it is online retail major Amazon which has begun lobbying with the US lawmakers to seek their support for facilitating its "foreign direct investment in India".
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