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
Abu Dhabi-based Lulu Group International has opened a shopping mall in Bengaluru after the pandemic somewhat delayed its mall development pipeline in India. Global Malls, an 800,000 sq. ft property in Rajajinagar, opened on Monday and is spread across 14 acres. The mall has a 200,000 sq. ft Lulu Hypermarket and a 60,000 sq. ft … Read more
Immediately after Future Retail announced the termination of agreement with 7-eleven, Reliance Retail announced a similar Master Franchise Agreement to launch 7-Eleven Convenience stores in India. Further interesting is the fact, that the 1st store is getting opened within the next 2 days, i.e., October 9, 2021 in Andheri East, Mumbai. Sequence of events clearly … Read more
Future Retail had signed the Master Franchise Agreement with 7-Eleven in February 2019 to develop and operate 7-Eleven stores within India. However, given Future group’s struggle over the last few years nothing material could be done and plans remained on paper. Future Group’s merger with Reliance Retail is also saddled with legal complications initiated by … Read more
FMCG major Adani Wilmar on Monday said it has opened 12 physical stores under the brand name “Fortune Mart” across six states and plans to start outlets across the country. “Adani Wilmar is opening physical stores under the name Fortune Mart which will exclusively sell Fortune and other Adani Wilmar brand products,” the company said … Read more
Zomato announced that it is stopping it’s pilot of grocery delivery services from September 17th. Reasons mentioned by the Company – It’s inability to provide good quality customer service consistently especially due to the increased customer expectations with 15 minute delivery promise. It’s investment in Grofers that it believes would handle this segment better and … Read more
The ongoing digital transformation of the corner kirana stores, tens of millions of shops catering to 1.3 billion consumers, will matter for everyone from Unilever NV and Procter & Gamble Co. to State Bank of India, the country’s largest lender. It will also be important to Amazon.com Inc. boss Jeff Bezos and Reliance Industries Ltd. … Read more