The premium mall, Jio World Drive (JWD), is spread across an area of 17.5 acre and it will be Mumbai's first rooftop Jio drive-in Theatre which will be operated by PVR. JWD will house only premium international and Indian brands.
Debt-ridden Future Group on Friday said it will sell part of its stake in Amar Chitra Katha Pvt Ltd (ACKPL), which publishes Amar Chitra Katha comics, for Rs 13.62 crore. It has entered into definitive agreements on Thursday to dispose of part of its investments held in ACKPL constituting to 18.58 per cent of the total paid-up share capital of ACKPL to Ramanaidu Daggubati and Spirit Media, according to a regulatory filing. Future Consumer Ltd (FCL), part of the Future Group, will be offloading the stake.
Reliance Industries Ltd on Friday reported a 7 per cent drop in its June quarter net profit as retail business got hit by the second wave of COVID infections.
Mandarin Oriental New York, the premium luxury hotel a subsidiary of Reliance Industries is acquiring, is known for its much-in-demand ballroom, five-star spa and eating and drinking venues, including MO Lounge. Liam Neeson and Lucy Liu are among regular guests. Set up in 2003, 248-rooms-and-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.
Reliance Industries' (RIL's) consumer business is expected to lead earnings growth in the Q3FY24 performance, according to analysts. While the energy business is expected to show sequential weakness, the consumer business, especially retail, is estimated to show strong growth. The oil-to-telecom conglomerate will announce its Q3FY24 financial results on Friday.
From the Sensex basket, Maruti, Mahindra & Mahindra, NTPC, JSW Steel, Larsen & Toubro, Reliance Industries, Axis Bank, and Power Grid were the major gainers. Nestle, Wipro, Tata Consultancy Services, HDFC Bank, Titan, HCL Technologies and Infosys were the laggards.
LIC's public offer, the country's biggest-ever IPO, witnessed full subscription of the retail portion on day three on Friday. The overall issue was subscribed 1.38 times, according to data posted on stock exchanges on 7 pm. Against 16,20,78,067 shares on offer, 22,36,98,915 bids were received. However, the Qualified Institutional Buyer (QIB) and Non-Institutional Investor (NII) portions are yet to be fully subscribed.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
Three different invitations were sent out for the wedding and the receptions with top-run guests being sent a large red box that contained an intricate chest incorporating a mini silver temple featuring gold idols of various Hindu deities, including Lord Ganesh, Radha-Krishna, and Goddess Durga.
Among all the geographies where Amazon is fighting regulators, India is the only place where its lines are also tangled in a major corporate battle, this one with India's largest company by market capitalisation over the acquisition of Mumbai-based Future Group's retail chain, the country's second largest. No other corporate entity in any country offers a challenge to Amazon's hegemony in a way Reliance Industries does - and the final hearing of an arbitration case filed at the Singapore International Arbitration Centre between the two may decide at least some of these issues. This legal battle between one of the world's most powerful corporations and one of India's most powerful conglomerates could be complicated by a host of other developments.
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
The Supreme Court made it clear on Thursday it will not allow stalling of the arbitral proceedings pending before the Singapore International Arbitration Centre (SIAC) pertaining to the ongoing legal tussle between US e-commerce major Amazon and the Future Group, saying the sanctity of such proceedings needed to be maintained. "You (Future group and others) cannot keep stultifying the proceeding before the arbitral tribunal and this is just a ploy to delay the proceeding. "These are all ploys by well-heeled parties to delay the arbitration proceeding.
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon's plea challenging the decision of regulator CCI to suspend approval for the e-commerce major's deal with Future Coupons. In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon's deal to acquire a 49 per cent stake in Future Coupons Pvt Ltd (FCPL). The regulator had said that Amazon suppressed information while seeking clearances for the transaction back then and also slapped a fine of Rs 202 crore on the company.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday announced the buyout of British battery maker Faradion Ltd for an enterprise value of 100 million, as the oil-to-retail conglomerate continued with the acquisition of end-to-end technology for its multi-billion-dollar clean energy portfolio. Reliance New Energy Solar Ltd (RNESL), a unit of the nation's most valuable company, signed definitive agreements to acquire 100 per cent shareholding in Faradion for an enterprise value of 100 million and will invest an additional 25 million as growth capital to accelerate the commercial roll-out, the company said in a statement. Based out of Sheffield and Oxford in the UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies.
Billionaire Mukesh Ambani-led Reliance Industries Ltd's plans for investing Rs 75,000 crore in solar, batteries, fuel cells and hydrogen could create valuation of $36 billion (Rs 2.6 lakh crore) for the new energy business, Wall Street brokerage Bernstein Research said in a report. Reliance currently has three verticals -- oil-to-chemical (O2C) business that houses its oil refineries, petrochemical plants and fuel retailing business; digital services that comprises telecom arm Jio; and retail including e-commerce. New Energy will be the fourth vertical. At the company's annual general meeting of shareholders last month, Ambani announced a plan to invest Rs 75,000 crore in a new energy business over the next 3 years in the next stage in its transformation.
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
A plunge in fuel demand after the raging pandemic forced people to stay home and stifled the economy dealt a body blow to the firm's traditional cash cow oil refining and petrochemicals, even as consumer-facing businesses, which account for 35 per cent of the oil-to-telecom-to-retail conglomerate's revenues, continued to do well.
Reliance Industries Ltd, the country's largest company by revenues, profits and market value, has topped Indian corporate in the World's Best Employers rankings 2021 published by Forbes. Reliance was placed at 52 in the overall ranking of 750 global corporates likes Phillips, Sanofi, Pfizer and Intel. Other Indian names in the top 100 rankings were ICICI Bank at 65, HDFC Bank at 77 and HCL Technologies at 90, according to the Forbes ranking.
While brick-and-mortar retailers have been the most vocal in their protests, e-tailers do not seem to be in a hurry.
The Delhi high court on Friday declined Future Group's plea for stay on an arbitration tribunal order refusing to interfere with the Emergency Award (EA) which restrained it from going ahead with the Rs 24,731 crore merger deal with Reliance Retail. Justice Suresh Kumar Kait sought response from US-based e-commerce giant Amazon which had challenged the merger before the Singapore arbitration tribunal under SIAC, and listed the appeals by Future Coupons Pvt Ltd (FCPL) and Future Retail Ltd (FRL) for further hearing on January 4. Senior counsel Harish Salve, appearing for FRL, urged the court to pass an interim order clarifying that an earlier order passed by the Supreme Court - which stayed all proceedings in relation to the enforcement of the EA - would remain in force despite the subsequent order passed by the duly constituted arbitration tribunal.
India's largest firm Reliance Industries has initiated work-from-home for its staff while keeping open consumer-facing businesses of hospital, retail stores and telecom with a minimum workforce amid increasing number of Covid-19 cases in the country. Chairman and Managing Director Mukesh Ambani will hold a meeting almost every third day to take stock of the impact of novel coronavirus (covid-19) outbreak on his employees and business, officials said.
More than a year of Covid-19 has pushed most businesses into gloom but Reliance Industries Ltd (RIL) managed to reduce its gross debt 25 per cent, enabling it to turn towards its next phase of capital expenditure that has come in the form of a Rs 75,000-crore plan for green energy and power storage. The company managed to stay afloat during the pandemic because of its large presence in the consumer-centric businesses of retail and telecommunication (see chart: "A new Reliance"). These two businesses constituted 45 per cent of its EBITDA during FY21 from 36 per cent in FY20.
Not just Tesco, Auchan, Walmart, even Biyani & Reliance keen on food FDI: Harsimrat Kaur Badal
The ministry of petroleum and natural gas has granted seven authorisations to companies for selling automobile (auto) fuels in the country. These new approvals are under the relaxed guidelines for authorisation to market transportation fuels that were revised in 2019. This is expected to make the competition more intense in India's petroleum retail business. According to a top oil ministry official, a fresh marketing authorisation has been granted to Reliance Industries (RIL) under these norms. This is being done since RIL's existing retail marketing authorisation has been transferred to its subsidiary Reliance BP Mobility
Jio Financial Services, the demerged financial services unit of Reliance Industries, will be listed on bourses on August 21, according to an exchange notification. Jio Financial Services Ltd (JFSL) demerged from Reliance last month and is currently listed under a dummy ticker after its price discovery at Rs 261.85 but there is no trading happening in the scrip. The listing on BSE and NSE has been scheduled a day before FTSE Russell plans to drop JFSL from its indices.
Raghu Pillai, former director and CEO (operations, strategy and business development) of Reliance Retail, today took over as the chief executive of Kishore Biyani's Future Value Retail. An industry veteran, Pillai talks about his new role with Business Standard.
The proposed reorganisation plan by Reliance Industries Ltd to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary is a step towards facilitating participation by strategic investors in the unit, Fitch Ratings said on Tuesday. The reorganisation of the business in Reliance O2C Limited (O2C) "will have a neutral impact on RIL's credit metrics and rating," it said in a statement. The transfer will be on a "slump sale basis", subject to attaining the requisite approvals.
Independent directors of Future Retail Ltd are collating information and will expose the details of contradiction and misrepresentation made by Amazon before the Competition Commission of India (CCI), said FRL independent director Ravindra Dhariwal. Speaking to PTI, Dhariwal said the independent directors are "collating" all the pieces of information together, going "deeper into each and every representation" which Amazon had made before the CCI and showing how its "intent was totally contradictory." "We are going out to point exactly to CCI, this is what they have told you and this is what the internal documents are saying. "We are going to expose the details of contradiction and details of misrepresentation, which they have made," Dhariwal said adding "We are going to show the true face of Amazon to the whole world". In November 2019, Amazon had acquired a 49 per cent stake in Future Coupons Pvt Ltd (FCPL), a company that holds a stake in FRL.
Asking the government to tweak FDI norms in multi-brand segment, retailers said sourcing rules must be made similar to that of single brand while demanding foreign firms be allowed to put only 50 per cent of first tranche of investment in back-end infrastructure.
Riding on a bull run, equity investors became richer by Rs 128.77 lakh crore in the 2023-24 fiscal, driven by robust fundamentals of the Indian economy, increased investment inflows and promising corporate earnings. After a muted performance in 2022-23, equity markets made a remarkable recovery in FY24, giving handsome returns to investors. The 30-share BSE Sensex climbed 14,659.83 points or 24.85 per cent in 2023-24.
Amid reports of Amazon probing bribery-related charges against some of its legal representatives in India, the US e-commerce giant on Monday said it takes allegations of improper actions seriously and investigates them fully to take appropriate action. Without confirming or denying allegations, Amazon said it has "zero tolerance for corruption". According to a report by The Morning Context, Amazon has initiated an investigation against some of its legal representatives for allegedly bribing Indian government officials.
While JioMart is doing 250,000 orders per day, BigBasket and Amazon pantry are doing 220,000 and 150,000 orders, respectively.
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
Eighteen months hence, Reliance Retail is a 600-store chain, while Wal-Mart, which had planned to start operations by the year-end, has deferred the launch to 2009.
Among the Sensex firms, Kotak Bank, PowerGrid, ICICI Bank, HDFC Bank, PowerGrid were the major gainers. HUL, TCS, M&M, IndusInd Bank, HCL Tech were among the losers.
Saudi Aramco had right from the beginning resisted the price tag Reliance had put for the 20 per cent stake in O2C business, which comprises the company's twin refineries at Jamnagar in Gujarat, petrochemical plants and 51 per cent in fuel retailing venture.
Nestle, State Bank of India, Power Grid, Tata Steel, Larsen & Toubro and Mahindra & Mahindra were the other major gainers. In contrast, Tech Mahindra, Axis Bank and Reliance Industries were the laggards.
Debt-saddled telecom operator Vodafone Idea Ltd's Rs 18,000 crore follow-on offering (FPO) opened to a modest response on Thursday with just 26 per cent of shares on offer being sought by investors. Of the 1,260 crore shares on offer, 331.24 crore was subscribed on Thursday, according to information on the BSE. Qualified institutional buyers picked up 61 per cent of their 360 crore shares reserved for them while non-institutional investors sought 28 per cent out of 270 crore shares earmarked for them.
Facing the brunt of farmer's ire over perception of it being a beneficiary of new farm laws, Reliance Industries on Monday said it neither buys foodgrains directly from farmers nor is it in the business of contract farming. In a statement, billionaire Mukesh Ambani's firm said its subsidiary Reliance Jio Infocomm Limited (RJIL) has filed a petition in the Punjab and Haryana high court seeking "the urgent intervention of government authorities to bring a complete stop to the illegal acts of vandalism (of telecom towers) by miscreants." Reliance said it "has nothing whatsoever to do with the three farm laws currently debated in the country, and in no way benefits from them."
Banking sources said the debt recast is actually 'Plan B' to help the nation's largest retailer stay afloat.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances