Reliance Retail to buy Future group’s retail business for Rs 24,713 cr

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Ventures Limited (RRVL), a subsidiary of Mukesh Ambani-owned Reliance Industries Ltd, today announced that it is acquiring the entire retail, wholesale, logistics and warehousing businesses from the as a going concern basis for a total consideration of Rs 24,713 crore.


While the widely anticipated acquisition means exit of Kishore Biyani, the “retail king” of India and founder of from the industry after close to three decades, it will consolidate Ambani’s position in the Indian retail industry which is witnessing huge investments by multinational players in the e-commerce segment such as Amazon and Walmart. The merger also means increased competition to existing brick and mortar like D-Mart and Aditya Birla Fashion.



The merger will help Biyani to get rid of debt – both at the promoter level and in the listed entities level which were hit hard by the Corona pandemic – resulting in the closure of several stores since March.


In a statement, Reliance said the acquisition is being done as part of the merger scheme in which is merging certain carrying on the retail businesses into Future Enterprises

India’s Reliance To Pay $3.4 Bn For Future Group’s Retail Empire

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Indian conglomerate Reliance is acquiring the retail, wholesale and logistics businesses of the Future Group for $3.38 billion, the oil-to-telecoms giant announced late Saturday, strengthening its presence in the country’s hugely competitive e-commerce sector.

Reliance, which is owned by Asia’s richest man Mukesh Ambani, has been locked in battle with US tech behemoth Amazon and Walmart-backed Flipkart for a share of India’s lucrative online market, establishing its digital platform JioMart in May.

After spending years battling local mom-and-pop shops for customers, the online retailers are now trying to work hand-in-hand with the smaller stores that dominate India’s towns and hinterlands to bring them online.

Future Group owns some of the country’s best-known supermarket brands such as Big Bazaar but its founder Kishore Biyani, once known as India’s retail king, has struggled in recent years, with the coronavirus pandemic dealing a heavy blow to his empire.

Ambani’s daughter Isha, director of Reliance’s retail subsidiary RRVL, said the deal would give a big boost to India’s retail sector and was “a strong strategic fit” for her company.

“We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants … as well as

West Bengal govt to ensure potato retail price for consumers at Rs 25/kg

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The government on

Friday said it has directed potato traders to ensure that the retail price of the tuber is brought down to Rs 25 a kg from Rs 32-34 a kg prevailing now.


The state government in a meeting of the potato trade bodies and cold storages had decided that a maximum of seven days will be allowed to ensure that the price of potato becomes Rs 25 a kg in the retail level.



The stakeholders have agreed that farmers will get bumper price if potato is Rs 22 per kg from the cold storage gates. Potato should be at Rs 25 for the consumers taking into account transport, wholesale and retail margin, Pradip Kumar Mazumdar, the chief agri advisor to Chief Minister Mamata Banerjee said.


Traders, however, pointed out that Rs 3 per kg spread is not enough between cold storage gates to the platter considering the high wastage in the monsoon season.


Mazumdar said the government will take all measures to ensure that the price is adhered to.


It may also ban export if the situation demands, he added.

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Vistara operates its first long-haul flight from Delhi to London

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operated its first long-haul flight from Delhi to London on Friday using its newly inducted Boeing 787-9 Dreamliner aircraft, the airline said here.


The full-service carrier is scheduled to operate special thrice-weekly flights from August 28 to October 24 between the two cities, it said in a statement.



These special flights are being operated under a bilateral ‘air bubble’ pact signed between India and the UK amid the coronavirus-related travel restrictions.


The flight on Friday departed from Delhi at 2.15 am and landed in London at 6.55 am (local time).


said on August 18 that it was seeking necessary regulatory approvals to operate similar special flights to Paris in France and Frankfurt in Germany.


The airline has a fleet of 43 aircraft, including 34 Airbus A320s, one Airbus A321neo, six Boeing 737-800NGs and two Boeing 787-9 Dreamliner aircraft.

 



While it received its first Dreamliner aircraft in February, the second one was received earlier this month.


Scheduled international passenger flights continue to remain suspended in India since March 23 due to the coronavirus pandemic. However, special international flights

Japan’s PM Abe Resigning For Health Reasons

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Japan’s Prime Minister Shinzo Abe announced Friday he will resign, ending his record-breaking tenure in a bombshell development that kicks off a leadership race in the world’s third-largest economy.

Abe said he is suffering a recurrence of the ulcerative colitis that forced him to cut short a first term in office, and that he no longer felt able to continue as prime minister.

“Now that I am not able to fulfil the mandate from the people with confidence, I have decided that I should no longer occupy the position of the prime minister,” he said.

While speculation about Abe’s political future has grown in recent weeks, after two hospital visits for unspecified health checks, the resignation nonetheless came as a surprise.

Even as recently as Friday morning, the government spokesman had appeared to dismiss concerns about Abe’s health and suggested he would stay on.





Profile of Japan’s Prime Minister Shinzo Abe.
 AFP / Janis LATVELS

But Abe made clear that would not be possible, apologising for once again cutting short his tenure.

“I would like to sincerely apologise to the people of Japan for leaving my post with one year left in my term of office, and amid the coronavirus

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