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.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. Further to that announcement, "RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021."
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
The Delhi high court will pronounce its verdict on Friday on whether to admit the Central Bureau of Investigation's (CBI) appeal challenging the acquittal of former telecom minister A Raja, firms and others in the 2G spectrum allocation 'scam' case.
The Anmol effect: R-Cap shares jump 40% since junior Ambani joined the board
Richest Indian Gautam Adani's ports-to-power-to-cement conglomerate is "deeply overleveraged" with the group predominantly using debt to invest aggressively across existing as well as new businesses, CreditSights, a Fitch Group unit, said on Tuesday. In a report titled 'Adani Group: Deeply Overleveraged', CreditSights said, "In the worst-case scenario, overly ambitious debt-funded growth plans could eventually spiral into a massive debt trap, and possibly culminate into a distressed situation or default of one or more group companies." Starting out as a commodities trader in the late 1980s, the Adani group has diversified from mines, ports and power plants into airports, data centers and defence.
The Hinduja group is learnt to be looking at alternative means of financing, including private credit, to fund its Rs 9,661 crore all-cash offer to acquire Reliance Capital. The regulator, Insurance Regulatory & Development Authority of India (Irdai), had earlier rejected the collateral offered by the group to raise funds. The Hinduja group was in talks with Barclays, JPMorgan, Cerberus Capital Management and Apollo Global Management to raise up to $850 million.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
The National Company Law Tribunal (NCLT) on Tuesday allowed Kishore Biyani-led Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Ltd. A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the Future group companies, sources close to the development said. Confirming the development, a Future group firm through a regulatory filing informed that NCLT has passed an order, allowing the company to hold meetings of its shareholders and creditors to seek approval for the scheme.
Future Retail Ltd (FRL) on Wednesday held a meeting of its shareholders to consider and approve the sale of the company's retail assets to billionaire Mukesh Ambani's Reliance Retail Ventures Ltd. The meeting was chaired by Shailesh Haribhakti, FRL said in a regulatory filing. Haribhakti has been appointed by the NCLT to chair the meeting. The result of the voting will be announced in due course, it added.
Leading stock exchange BSE on Tuesday postponed the removal of Jio Financial Services Ltd, the demerged non-banking financial services unit of Mukesh Ambani-led Reliance group, from all the S&P BSE Indices to August 29. Earlier, the stock was scheduled to be removed from the indices on August 24. Jio Financial Services Ltd (JFSL) got listed on the bourses on Monday and hit the lower circuit for the second day in a row on Tuesday.
Prime Minister Narendra Modi on Wednesday said the world looks at India as an important pillar of stability, a trusted friend, an engine of growth in the global economy, a technology hub for finding solutions and a powerhouse of talented youth. He also said that in the rapidly changing world order, India is moving forward as 'vishwa mitra' (friend of the world). Speaking at the inauguration of the 10th edition of the Vibrant Gujarat Global Summit, which saw participation of state hea
It's important to take breaks, spend time with loved ones and engage in activities like yoga or meditation to help relax and relieve stress.
Meaningful market share would go to those who have the distribution strength to push their products, such as banks.
Many senior citizens 'underestimate the impact of inflation, taxation, health-related expenses, and the heavy premium they will have to pay on health insurance.'
'The terrorists are using better technology to secure their communication.' 'It does appear that excessive reliance on technology led to a weakening of human intelligence.'
Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
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.
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.
Reliance on technical intelligence has not been fruitful as terrorists use online activity to mislead authorities. Officials feel that there is an urgent need for heightened surveillance to counter foreign terrorists, especially in the Jammu region.
The Group has decided to withdraw the Rs 5,000-crore civil defamation suits against Congress leaders and National Herald newspaper over their statements and an article on the controversial Rafale fighter jet deal.
Reliance Retail has bought a 25.8 per cent stake in Dunzo, India's leading quick commerce player, for $200 million (around Rs 1,488 crore) as it looks to expand its presence in online grocery delivery business. Dunzo has raised $240 million (about Rs 1,787 crore) in its latest funding round that was led by Reliance Retail Ventures Ltd (RRVL) - the retail arm of Reliance Industries, the two firms said in a statement. Existing investors Lightbox, Lightrock, 3L Capital and Alteria Capital also participated in the funding round.
Mumbai Indians skipper Hardik Pandya has made his much awaited return to the field of cricket as he leads the Reliance 1 side in the DY Patil T20 tournament.
India may have to lean more on West Asian nations for supplies of liquefied petroleum gas (LPG), a cooking fuel, in the coming years after Indian state-run refiners drew up big plans to diversify into producing more profitable petrochemicals. This shift leads to reduced LPG output, Indian refining executives said. The mantra for state-run oil companies, from Indian Oil Corporation (IndianOil) to liquefied natural gas (LNG) importer Petronet LNG, which are looking to diversify their businesses from lower-margin fuels, has been value-added petrochemicals.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
Asia's richest man, Mukesh Ambani, signed off an address to employees last week by assuring them that 2024 would be better than 2023 for both Reliance Industries and India. Ambani isn't an exception. Promoters and their representatives from several other conglomerates have expressed similar optimism.
Niclosamide, a drug on the World Health Organisation's list of essential medicines, has been used to treat tapeworm infestation for more than 50 years. The oral antiviral drug was also used to treat patients during the SARS outbreak of 2003-04.
Anil Ambani will take over as the chairman of Pipavav Defence
French sources say Hollande was motivated to speak out after an Indian media report revealed that the Reliance Group had part-funded a film venture by his domestic partner, French actress Julie Gayet.
'Interim Budget has ignited the entrepreneurial spirit.'
Gandhi said he was "waiting with open arms".
The Supreme Court of India on Friday ruled in favour of e-commerce giant Amazon by holding that Singapore's Emergency Arbitrator (EA) award, restraining the Rs 24,731 crore merger deal of Future Retail Ltd (FRL) with Reliance Retail, was valid and enforceable under Indian laws.
'The competition between the two is definitely going to be of great interest to the Indian market.'
A stake sale of Reliance's real estate portfolio would help it raise anything between $1-5 billion and could be one of the triggers for the company's shares to break out.
Urban Ladder was incorporated in India on February 17, 2012. Besides online, the company has presence in offline channels and operates a chain of retail stores in several cities across India.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.
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