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.
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.
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.
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.
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.
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.
India's thriving mutual fund (MF) industry is drawing interest from several firms, with multiple applications submitted to the Securities and Exchange Board of India (Sebi) for asset management company (AMC) licences.
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.
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.
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
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.
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.
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.
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.
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
The list of guests included celebrities from across the globe, politicians, the who's who of Hindi and south Indian cinema world and almost all the top cricketers of the country.
A non-strategic investor like Poonawalla brings in not only capital but also creative freedom. Indian cinema needs more investors like him, reports Vanita Kohli Khandekar.
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.
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.
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.
While JioMart is doing 250,000 orders per day, BigBasket and Amazon pantry are doing 220,000 and 150,000 orders, respectively.
Benchmark equity indices Sensex and Nifty slumped over 1 per cent on Friday, tracking a weak trend in global markets and fresh foreign fund outflows. Falling for the third day running, the 30-share BSE Sensex tumbled 1,017.23 points or 1.24 per cent to settle at 81,183.93.
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.
Reliance Retail will also sell Wi-Fi dongles.
Reliance has around 100 Delight stores in the country.
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.
12,000: Number of people Flipkart plans to hire in FY15.
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.
Bowing to pressure from students, the Orissa government has decided not to hand over land belonging to the Orissa State Transport Corporation in Berhampur to Reliance Retail. Instead it has decided to allot it to the Khallikote autonomous college for an expansion project.
RIL's bet on burgeoning consumer base and foray into new businesses such as telecom, retail, and digital services vastly expanded its business
Much of the discussion is happening at a "family level, not a corporate level". That means it is an Ambani or a Goenka in direct talks with Johar.
Anil Ambani's Reliance Power tops the table with 3.46 million shareholders
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.
If the reforms are implemented, multi-brand retail majors such as Future Group and Reliance Retail might enter the fuel retail space.
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.
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.
Ambani said Reliance ended last year with a net debt of Rs 154,478 crore.
HDFC Bank, Asian Paints, Kotak Bank, Bajaj Auto and HDFC were among the other laggards.
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