Reliance
Reliance Retail acquires majority stake in innerwear brand Clovia
Launched in 2013, Clovia is India's leading innerwear and loungewear for women. The acquisition entails an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment. The remaining stake in the company will remain with the founding team and management of the company, a statement said.
Future Retail's shares slump to 52-week low after it issues clarification on Reliance deal
The Future Retail was down 9 percent at INR 38.4, the Future Enterprise was down 17 percent at INR 7.45, the Future Lifestyle was down percent at INR 41 and Future Supply Chain Solutions was down 5 percent at INR 53.65. The Supreme Court has also lifted a stay by the Delhi High Court on the Singapore Arbitration Tribunal Centre (SIAC) in the case between Amazon and the Future Group.
At USD 49 billion, Gautam Adani added more wealth than Elon Musk, Jeff Bezos in 2021: Report
This net addition to his wealth is more than what top billionaires Elon Musk, Jeff Bezos and Bernard Arnault added, as per the 2022 M3M Harun Global Rich List released on Wednesday. “Gautam Adani, 59, is the biggest gainer in the M3M Hurun Global List 2022 and added USD 49 billion to his wealth last year… (this addition is) more than top three global billionaires such as Elon Musk, Jeff Bezos and Bernard Arnault,” the list said.
Reliance New Energy Ltd acquires assets of Lithium Werks
Reliance Industries' subsidiary Reliance New Energy Ltd on Monday signed definitive agreements to acquire "substantially" all of the assets of Lithium Werks BV for a total transaction value of $61 million, including funding for future growth.
Lenders of Reliance Naval staring at 90% to 95% haircut
Lenders of Reliance Naval and Engineering Ltd. (RNEL), which is undergoing debt resolution process under IBC, are set to face a haircut of whopping 90 per cent to 95 per cent, if the resolution plan of either of the two resolution applicants is accepted by them. The lenders are currently voting on the resolution plans of the two shortlisted resolution applicants, i.e., Hazel Mercantile-Swan Energy consortium and Navin Jindal led JSPL.
RIL opens state-of-the-art Jio World Centre in Mumbai
Reliance Industries Ltd (RIL) on Thursday inaugurated India's largest and multi-faceted destination, the 'Jio World Centre', spread over 18.5 acres at the prime Bandra Kurla Complex. Envisioned by RIL Director Nita Ambani, the complex was launched by dedicating the 'Dhirubhai Ambani Square' and a musical 'Fountain of Joy', besides the country's biggest Jio World Convention Centre.
Reliance Retail Ventures Limited Joins Hands With Abraham & Thakore
Reliance Retail Ventures Limited (RRVL) has invested in Abraham & Thakore Exports Pvt Lmt for a majority stake. RRVL seeks to leverage its subsidiary Reliance Brands Limited's (RBL) deep understanding of the affluent Indian customer and their heft across digital, retail operations, marketing, and supply chain platforms, to build brand Abraham & Thakore's global appeal in the fashion and lifestyle category.
Reliance, Sanmina Corporation to create JV to manufacture electronic products
Nasdaq-listed integrated manufacturing solutions company Sanmina Corporation and Reliance Strategic Business Ventures, a wholly-owned subsidiary of Reliance Industries have entered into an agreement to create a joint venture through an investment in Sanmina's existing Indian entity named Sanmina SCI India
Reliance also extended working capital support due to which Future Retail has been able to pay its statutory dues
FRL owes Reliance towards this working capital support. In August 2020, the Boards of FRL and other Future companies and RRVL approved the Scheme of Arrangement for the transfer of retail and logistics business of the Future Group to RRVL on a slump sale basis for an aggregate consideration of Rs 24,713 crore. Future Group was in acute financial difficulty and stress. FRL had defaulted in payment of dues to its creditors and landlords.
Reliance Retail is 'King of India Retail': Bernstein
Reliance Retail is a scale leader with annualized core retail of $18.2 Bn, 3x+ of nearest competition and a current growth at 50 per cent+ you. It has shown consistent growth across categories -- grocery grew at double digit, Apparel & Electronics up 2x yoy. Digital/New commerce account for 20 per cent of core retail.
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