The big question, however, is if it can sustain its business model as it grows and expands.
The big question, however, is if it can sustain its business model as it grows and expands.
Richest Indian Mukesh Ambani on Tuesday mentioned about leadership transition at his energy-to-retail conglomerate, saying he wants the process to be accelerated with seniors, including him, yielding to the younger generation. Ambani, 64, who has previously not spoken about succession plans at the country's most valuable company, said Reliance is "now in the process of effecting a momentous leadership transition." Ambani has three children -- twins Akash and Isha, and Anant.
Some of the domestic biggies like Future Group, Reliance Retail and Aditya Birla Retail, while welcoming the government's move to allow 51 per cent FDI in multi-brand retail and completely open single-brand retail, said it will take time for foreign rivals to make presence felt on their own in the Indian retail landscape.
With confidence creeping back into the market place and rentals down up to 50 per cent, large retailers are back to drawing up aggressive growth plans. In the next one year, Aditya Birla Retail, Bharti Enterprises, Reliance Retail, Trent, Mahindra Retail and others hope to open new stores spread over five million square feet.
RRVL will make an open offer to acquire up to an additional 2.17 crore equity shares of Just Dial, representing 26 per cent stake, in accordance with Sebi Takeover Regulations, a regulatory filing said.
Dutch consumer electronics major Royal Philips is in talks with major retail players in India, including Mukesh Ambani-promoted Reliance Retail and Tata Group company Trent for a tie-up, as it looks to shore up volumes in the country.
"Big retail outlets are welcome. We have got no doubt about it. Our experience in the past one year is that they are able to give better price to farmers and they are able to give consumers better products at an affordable cost," CM Y S R Reddy said.
Billionaire Mukesh Ambani's retail venture will soon start selling electronics goods like refrigerators, TVs and computers, even as it prepares to open its 100th fresh food and vegetables outlet in the country.
Reliance Brands Ltd (RBL) on Monday announced forming a 60:40 joint venture with Rahul Mishra brand RM, which will create and own a new brand that would encompass courtier's ready to wear business. The new brand would grow both vertically and horizontally in the fields of accessories, footwear, home, beauty, and jewellery for a worldwide audience, said a joint statement. Rahul Mishra will lead the creative direction of the new brand as creative director, it added.
'The competition between the two is definitely going to be of great interest to the Indian market.'
Shareholders of Reliance Industries have approved the appointment of Saudi Aramco Chairman Yasir Al-Rumayyan on the company board, with less than 2 per cent of votes cast against the proposal. Disclosing the results of shareholder votes on the appointment, Reliance in a regulatory filing said 98.03 per cent of votes were cast in favour of the resolution to appoint Al-Rumayyan for three years. As many as 10.89 crore shares or 1.96 per cent voted against the resolution, while 3.23 crore votes were declared invalid due to lack of proper authorisation, it said.
Stocks of brokerages and market infrastructure institutions (MIIs) witnessed selling pressure after the Securities and Exchange Board of India's (Sebi's) crackdown on proprietary trading firm Jane Street. The weakness was attributed to concerns that debarment of the US firm - a prominent player in the futures and options (F&O) segment - will lead to a further decline in volumes, which are already down over 30 per cent from the peak.
Employing the best in business and emphasis on training Reliance petroleum's downstream business is stewarded by the very best in business.
With retailers downsizing operations, many senior executives from fast-moving consumer goods and telecom who had jumped on the retail bandwagon a couple of years ago are making a quiet comeback.
Reliance Digital, the consumer durables information technology arm of Reliance Retail, on Wednesday announced opening of 'iStore' in Hyderabad to offer a range of Apple products in professional and consumer segments.
The JV was expected to open 56 exclusive high-end stores for the four focus brands, Miss Sixty, Energie, Killah & Murphy&Nye, in the top 10 cities in the first three years. As per the original plans, Darshan Mehta president and chief executive of Reliance Brands, was to spearhead the JV with separate business heads for each of the four brands.
Amazon violated FDI norms, allege Future Retail independent directors.
The company had announced similar pricing for Sri Lanka, where its application was in advanced stages of regulatory clearance.
Betting on higher margins from private labels, Reliance Digital, the consumer durable chain of Mukesh Ambani's Reliance Retail, is planning to introduce its own brands of home theatres, LCD televisions and digital cameras. The brands, according to a source, will be called Rldigi. Reliance Digital is planning tie-ups with domestic and international consumer durable and appliance companies. These private labels are expected to contribute 12-15 per cent of Reliance Digit
The Reliance Industries' digital services company Jio Platforms Limited has signed an agreement with SpaceX to offer Starlink's broadband internet services to its customers in India, the company said on Wednesday. The agreement is subject to SpaceX receiving authorisation to sell Starlink in India. The development came a day after Jio's rival Bharti Airtel signed a similar pact with SpaceX.
Nashik district, an Agri Export Zone (AEZ) for onion, grapes, keshar mango, pomegranates and flowers, is fast becoming the source of agri goods for retail companies such as Subhiksha and Reliance Retail.
With retailers downsizing operations, many senior executives from fast-moving consumer goods and telecom who had jumped on the retail bandwagon a couple of years ago are making a quiet comeback.
The potential of India's retail sector may be huge and growing, but soaring rentals, salaries and interest rates could make the journey a bumpy ride for retailers in the near term.
Marks & Spencer Reliance is the joint venture between the Mukesh Ambani-promoted Reliance Retail and the British department store chain, Marks & Spencer group. The first store would have around 40 employees and would offer men's, women's and children's garments besides various household items.
This first-of-its-kind-in-India centre is fully funded by Reliance Foundation and includes a negative pressure room that helps in preventing cross-contamination and helps control infection. All beds are equipped with the required infrastructure, biomedical equipment such as ventilators, pacemakers, dialysis machines, and patient monitoring devices.
Anand Raghuraman, partner, The Boston Consulting Group, said it is extremely tough to make money on small food and grocery stores.
Future group firms are convening meetings of their respective shareholders and creditors in November to seek approval to their proposed merger into Future Enterprises as part of the 24,713-crore deal with Reliance Retail. Several listed transferor firms including Future Retail, Future Consumer, Future Enterprises, Future Lifestyle Fashions, Future Markets Networks and Future Supply Chain Solutions - have informed their shareholders and creditors about the meetings which will take place on November 10 and 11. The meetings of the equity shareholders, secured creditors and unsecured creditors will be held through video conferencing /other audio-visual means, said Future group companies, adding that remote e-voting facility will be offered to all participants.
Sun Pharma, Tata Steel, State Bank of India, Axis Bank, Tata Motors, Larsen & Toubro and ICICI Bank were also among the Sensex gainers. HCL Tech, UltraTech Cement, Nestle and Hindustan Unilever were among the laggards.
Indian retailers put cash & carry on backburner
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
The Supreme Court Tuesday set aside three Delhi high court orders including the refusal to grant a stay on the final arbitral award which had restrained Future Retail Ltd from going ahead with its Rs 24,731 crore merger deal with Reliance Retail and ordered fresh adjudication. In a major relief to Future group, a bench headed by Chief Justice N V Ramana also set aside the high court's order of February 2 last year, by which it had directed Future Retail Ltd (FRL) to maintain status quo in relation to the merger deal. The March 18 order of the high court, upholding the EA's award and imposing a cost of Rs 20 lakh on it as well as its directors, has also been set aside.
Shares of Future Group firms on Monday faced heavy drubbing, tanking up to 20 per cent, after Reliance Industries said its Rs 24,713-crore deal to acquire Future Group's assets cannot be implemented after secured creditors of the Kishore Biyani-led companies voted against the proposal. The stock of Future Consumer plummeted 19.91 per cent, Future Supply Chain Solutions slipped 19.96 per cent, Future Lifestyle Fashions 19.89 per cent, Future Enterprises tumbled 9.87 per cent and Future Retail fell 4.96 per cent on the BSE. Shares of Reliance Industries also dipped 1.75 per cent.
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.
The power of the small neighbourhood retailer can barely be ignored as organised players look to leverage their last-mile connectivity and reach, luring them by promising support in technology, inventory and tax management.
Its tie-ups so far have been with international brands, either through licensing agreements or joint ventures, to get them into India.
The combined market valuation of the top-ten most valued firms jumped by a whopping Rs 3,84,004.73 crore in the holiday-shortened last week, in-tandem with a smart rally in equities, with HDFC Bank and Bharti Airtel emerging as the biggest gainers. Last week, the BSE benchmark Sensex jumped 3,395.94 points or 4.51 per cent, and the NSE Nifty surged 1,023.1 points or 4.48 per cent.
Reliance Retail, already creating ripples in the organised domestic retail market, is poised to acquire smaller rivals in order to take on serious competition from the likes of Bharti-Wal-Mart combine.
Even in the face of protests from trade groups, escalating real estate costs and pressure on margins, the march of domestic retail chains continues unabated.
