Amazon has shot off yet another letter to market regulator Sebi, accusing Future Retail of insider trading and called for an investigation as the US online retailer looks to ratchet up pressure against the Future-RIL deal. Future Group, however, vehemently denied the charges, saying these allegations were "Amazon's ill-motivated attempts to throw everything at the situation to stultify the transaction."
Amazon provided mere "lip service" and failed to provide any help to the debt-laden Future Group as the retail major suffered massive setback amid the COVID-induced lockdown and faced possible insolvency or debt restructuring, Future Group's promoters said in a letter to the e-commerce giant. This is the first time Future Group promoters have written to Amazon after the parties were embroiled in a legal battle over the sale of Future's retail assets to Reliance Industries. The letter from the promoters, including Kishore Biyani, was written on December 31. It alleged that Amazon's actions "lacked good faith" during the March to August period, when the group's retail business was severely hit by the lockdown.
'67 per cent of our transactions happen digitally and about 93 per cent of transactions happen outside the branch.' 'Despite that, there is ample scope for promoting banking-related activities in branches.' 'So, for some time, we will have to, probably, live with the same structure.'
Patience has kept IKEA, the euro 27-billion Swedish retailer, going despite entry hurdles. So says Juvencio Maeztu, its chief executive officer for India.
Retail inflation remained above the RBI's comfort level for the second consecutive month despite slipping slightly to 6.26 per cent in June while the factory output recorded a growth of 29.3 per cent in May, mainly on account of the base effect, the government data showed. The marginal slippage in the Consumer Price Index (CPI)-based inflation was noticed despite little firmness witnessed in the food inflation which inched up to 5.15 per cent in June from 5.01 per cent a month ago. Retail inflation based on Consumer Price Index (CPI) was 6.3 per cent in May 2021 and 6.23 per cent in June 2020.
Besides Carrefour, Reliance is also talking to tier-2 companies like Salisbury and Marks and Spencer for food business, sources said. When contacted, an RIL spokesperson in Mumbai declined to comment.
Noel, Ratan Tata's half-brother and Mistry's brother-in-law, was a contender for the top position when Mistry was chosen as chairman in 2011.
While the entry of 62-year-old Noel Tata, half brother of Ratan Tata, into Tata Trusts is being seen as a significant departure from the past within the salt-to-software conglomerate, Jehangir, a long-standing philanthropist is expected to add heft to Tata Trusts.
This could mean an end to the talks for a possible partnership between the two firms in the multi-brand retail space -- less than a year after 51 per cent foreign investment was allowed in the sector.
'We plan to touch Rs 1 trillion of Amul brand's turnover in the next five years.'
Cash-&-carry chains claim of the products they sell 85-90% is local.
China accounts for more than one-third of the apparel export market
Streamlining its delivery network and shifting focus back to the mass segment - at a time when competitors were struggling to restore normalcy in operations due to the pandemi - aided the firm's revival.
KVIC is keen to build an international footprint and is hopeful about signing up B2B agreements with at least 40 countries, to which end it has even registered a GI (geographical indicator) tag in the UK, Germany and Russia.
Stores are also coming up with novel methods to get Brazilians to pull the trigger on new TV sets, with many offering major discounts.
With over 45 healthcare facilities and over 300 vibrant diagnostic centres, Fortis is India's second-largest hospital chain -- next only to Apollo, which has 64 hospitals with 10,000 beds. Therefore, any international or domestic hospital chain that buys Fortis will simply catapult to the numero uno position.
And we are not talking about politics or Bollywood!
International coffee chain Starbucks will send a revised application to the department of industrial policy and promotion for an entry into the Indian market.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
Medicine Shoppe India, the Indian arm of the largest pharmacy chain Medicine Shoppe International, owned by the US-based drug trading major Cardinal Health, is planning to add about 500 medical stores in India within two to three years.
There are 230 million vehicles on the road, and counting. Bulk of these are under seven years old and once they get older, the industry estimates the requirement for spare parts and aftersales service to shoot up sharply.
ITC's noodle brand has been caught in the Maggi crossfire.
The country's fruits and vegetables retail segment has caught up the fancy of international companies even as domestic companies such as Bharti and the Tatas tie up with global firms for supply of farm produce.
For now Walmart has said it remains optimistic about India. But that could change without prior notice, says Nivedita Mookerji.
It plans to add ten stores in the next six to eight months.
'This is a blip in the 100-year history of cinema.'
Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
At a time when India is looking to open up its retail sector to foreign investments further, lesser known international food brands such Loon Tao, Berrylite and Sarpino's Pizzeria are set to announce their entry into the country to cash in on the opportunity.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
Welingkar Institute of Management Development and Research opens admissions to its Master's Level postgraduate diploma in Business Administration through distance learning.
Firestar Diamond, which on its website states that its operations span the US, Europe, the Middle East, the Far East and India, blamed liquidity and supply chain challenges.
Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.
While the Indian government has been procuring Covid-19 vaccines at low prices so far, manufacturers have to declare the prices of vaccines they would supply to the open market (industries, private hospitals, etc) and state governments before May 1. Sohini Das reports.
In spite of being attacked from all corners, a faltering supply chain and negative sentiments soaring high among the local consumers, top Chinese smartphone brands gained market share during the most critical phase - the April-June quarter of this year.
Welingkar Institute of Management opens admission for the Master's Level Post Graduate Diploma in Business Administration through Distance Learning
Future Group said customer acquisition costs, fulfilment costs and other expenses in e-commerce add up to 50 per cent of overall business costs, making it unviable
With more than 10,000 stores under the various Reliance retail brands and over 2.5 million kirana stores already tying up with it, Jio's online marketplace would have the biggest hyperlocal logistics network in the country.
Tension prevailed as the next of kin of two of the slain in Andhra Pradesh staged protests in Tiruvannamalai district
AND, W, Biba step up their game worldwide. While global brands go all out to woo India customers.
