Last November, a lawyer for Future Retail Limited (FRL) told Delhi high court that Amazon is interfering with its lawful business and thousands may lose their jobs and FRL may go bankrupt. Senior advocate Harish Salve, who appeared for FRL, likened Amazon to East India Company. Senior advocate Gopal Subramanium, who represented Amazon, told the Future counsel to keep the "East India Company" rhetoric aside, as Amazon has invested $6.5 billion all over India and created 900,000 jobs. This drama played out in the case in which Amazon has challenged Future's $3.4-billion deal with Reliance, alleging the retailer's deal breached an agreement with the American e-commerce firm.
A hot sale of a Chinese product, whether assembled in India or anywhere else in the world, may make the country of origin rule fall by the wayside. Moreover, its execution is challenging for businesses as there are no clear guidelines or definitions from the authorities on what constitutes 'country of origin'.
Abu Dhabi-based sovereign wealth fund Mubadala Investment Co will invest Rs 6,247.5 crore to buy a 1.4 per cent stake in Reliance Industries Ltd's retail arm -- the billionaire Mukesh Ambani-led firm's third such deal in less than two days.
The management institute also clocked 100% placement, says Virendra Singh Rawat.
This is the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
In the past few days, many companies, including fashion e-tailer Nykaa, food delivery platform Zomato, logistics and delivery firm Delhivery, insurance discovery platform PolicyBazaar, eyewear retail chain Lenskart, and edtech and online tutoring firm Byju's, have openly spoken about their IPO plans.
Ordering groceries, vegetables and daily essentials is just a WhatsApp away as billionaire Mukesh Ambani's e-commerce platform JioMart taps into the popular messaging app to scale up online business in its fight for dominance in the giant Indian retail market with Amazon and Walmart-owned Flipkart. Ambani's twin children, Akash and Isha gave a preview of the ordering at Meta's second edition of the Fuel for India event on Wednesday. A new 'tap and chat' option allows users to order groceries through WhatsApp.
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.
These top two apps account for more than 78 per cent of the UPI market in terms of volume of transaction, and 86 per cent of the market by value of transactions in December.
Flipkart on Monday said it has entered into a commercial partnership with the Adani group to strengthen logistics and data centre capabilities of the Walmart-owned company and create about 2,500 direct jobs.
US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in the retail arm of Reliance Industries, the Indian firm said in a statement on Wednesday.
RIL is setting up infrastructure for a full-fledged horizontal e-commerce offering - internally called the New Commerce - to simultaneously launch pan-India by October-November.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
Mukesh Ambani's Reliance group has struck acquisition deals worth $4.2 billion with a dozen companies in just two years to expand its retail business. The latest purchase was of a majority stake in Justdial for Rs 3,497 crore. Elaborating on his acquisition strategy a few weeks ago during the AGM, Ambani stated that one of the key planks would be to acquire businesses that enhanced Reliance's offerings and experiences to customers and that they would be both physical and digital.
Facebook-owned messaging service WhatsApp has secured regulatory approval for launching its digital payment platform -- WhatApp Pay -- in a phased manner, close to two years after the US-based company's pilot run.
The boom in organised retail will set the tone for major economic overhaul. The ripple effect will be improved supply chains, volume output, integration into global commerce, and higher tax collection, notes T N Ninan.
For last two months, much of the discussion, a large part of due diligence, agreement negotiations, etc, have happened remotely.
IIT Roorkee has so far seen the highest domestic salary rise Rs 80 lakh, up by a third from Rs 60 lakh last year.
The deal, which is expected to close in the next four to five weeks, will give exit to investors Alibaba, Abraaj Group and IFC. The parties are awaiting approval from the Competition Commission of India (CCI).
Bob van Dijk, chief executive officer of Naspers, is now betting on companies in food tech, payments, travel and other consumer sectors to tap the potential of the Indian market.
Amazon, in recent years, has emerged as a disruptive force in shopping, attracting millions of customers across the globe - the US and India in particular - to shop online.
Amazon's action follows that of other retailers such as Walmart Inc, Target Corp and Nike Inc.
Apple's online launch is a symbol of success for FDI in single-brand retail, though there's no indication of how much the Silicon Valley major would invest in the country.
The world is full of family businesses that withered away with the passing of generations, creating much bitterness and ill will. Entire clans that used to be household names have become pale shadows of their once-mighty empires.
Though it is often said that Indian Railways is the largest employer in the world, but it seems it is not
Four new retailers from US, two from Germany may have shown interest in setting up shop in India.
The aim is to replace nearly 40 per cent of its existing last mile fleet of delivery vans with EVs by March 2020. o start with, the company is looking at deploying nearly 160 e-vans by the end of 2019.
The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones.
WhatsApp on Wednesday said it expects to facilitate the purchase of "affordable sachet-sized" health insurance through its platform by the end of the year as part of its efforts to provide users in India with greater access to financial solutions. The Facebook-owned company noted that its 'Payments' feature is now available to users across the country (currently up to 20 million users) with support from banking partners - State Bank of India, HDFC, ICICI and Axis Bank.
PhonePe via Bharat Bill Payment System (BBPS) plans to get into a number of new verticals, including fee payments in schools and colleges, payments at hospitals and other services
The Indian IT services sector is scrambling to retain talent since digitisation-led transformation has increased the demand for a digitally skilled workforce. As a result, the pull for jobs for tech professionals is also coming from non-IT sectors, leading to higher attrition among IT companies. The average number of tech jobs from non-IT sectors has seen a 41 per cent uptick in March-May'21 versus March-May'19, according to data from Naukri.com.
World 100 metres champion Christian Coleman will miss next year's Tokyo Olympics after being banned for two years for breaching whereabouts rules, the Athletics Integrity Unit (AIU) said on Tuesday.
Reliance, Bharti's response to Ahmedabad's space crunch.
Reader Sundar Ramalingam has sent us a photograph.
Global retail behemoths seem to have read the signals right.
Cash-&-carry chains claim of the products they sell 85-90% is local.
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.
From a modest two-bedroom apartment in Koramangala, the Bengaluru-headquarted company now has multiple offices across the country.
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.
