Reliance Retail Ventures Limited (RRVL) is acquiring 100% of METRO India. METRO India started operations in India in 2003 as the first company to introduce cash-and-carry business format in the country. It currently operates 31 large format stores across 21 cities with about 3,500 employees. The business claims to have over 3 mn B2B customers … Read more
India’s biggest retailer Reliance will acquire dozens of small grocery and non-food brands as it targets building its own $6.5 billion consumer goods business to challenge foreign giants like Unilever, two sources familiar with the plan told Reuters. Reliance, run by Indian billionaire Mukesh Ambani, plans to build a portfolio of 50 to 60 grocery, … Read more
Future Retail had been subleasing store space from the tycoon’s Reliance Industries Ltd. Indeed, it was kept operating only on Ambani’s forbearance because Future couldn’t come up with the rent. But with Amazon.com continuing to block Reliance’s $3.4 billion purchase of Future’s assets, Ambani decided to make the acquisition a fait accompli: He terminated the leases and is taking … Read more
For almost a year, I have been confused about how Future retail stores are getting funding to operate given – the poor financial health of the group; and 2020 deal with Reliance retail not getting concluded due to the legal dispute with Amazon. Operating the stores meant expenses in the form of lease payments, employee … Read more
From Plc to Colgate-Palmolive Co., consumer goods makers in India are facing distribution blues that have nothing to do with pandemic-induced shortages and bottlenecks. The trusted middlemen that brands have traditionally relied on to reach millions of small neighborhood stores in 8,000 towns and 660,000 villages are in revolt. It’s a mutiny that the multinationals … Read more
Delhi High Court on Wednesday halted Future Group’s ongoing arbitration with estranged partner Amazon.com Inc in light of an Indian antitrust agency’s suspension of a 2019 deal between the two sides. The US company successfully used the terms of its 2019 investment in a Future unit to block the Indian retailer’s attempt to sell retail … Read more
The move was widely anticipated after Facebook had invested $6 bn into Jio’s platform unit early last year. Key points to note – Ordering is through “tap and chat” option. Delivery is free and there’s no minimum order value. Payment can be made either via JioMart or cash on delivery. Aim is to utilise the … Read more
American retail giant Amazon has moved the Supreme Court, appealing against a National Company Law Tribunal (NCLT) order that had allowed the Future Group’s listed companies to hold shareholders’ and creditors’ meetings to clear its proposed transaction with Reliance Retail Ventures. In its application, Amazon has urged the Supreme Court to pass an order to … Read more
Ignatius Navil Noronha, the chief executive officer of Avenue Supermarts Ltd, which runs DMart retail stores, has seen his wealth surge to more than a billion dollars as the shares of the retail firm jumped an astonishing 113% this year. The stock hit a fresh record high of ₹5,899 on BSE and gained as much … Read more