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
“Fortune favors the brave,” Matt Damon declared in a recent ad. Walking through computer-generated scenes of explorers and adventurers, Damon then told viewers how they could join the ranks of these brave people: by trading cryptocurrency on Crypto.com. The message from the Crypto.com ad — echoed by a slew of other crypto companies that paid … Read more
The plunge in startup valuations could last years, say VCs at the firm Redpoint Ventures. The situation is similar to the dot-com bust after the 1999’s tech boom, they say. But one big difference from two decades ago is the record piles of cash VCs are sitting on now. Venture capitalists were partying like it … Read more
Recently in December 2021, Reliance New Energy Solar Ltd (RNESL), a wholly owned subsidiary of Reliance Industries had acquired 100% of Faradion Limited (FL), a British battery maker specialising in sodium-ion technology. Now, RNEL is acquiring 100% of Lithium Werks BV (“LWB”), a Dutch Company focused on cobalt free and high performance Lithium Iron Phosphate … Read more
Paytm Payments Bank (PPB) is a joint venture between Paytm founder Vijay Shekhar Sharma and the listed holding company One97 Communications, the parent of Paytm. Sharma owns 51% in the bank in his personal capacity. It had started operations in 2017 and claims to have 60 million bank accounts with 4 lakh users added every … Read more
Pratik Pota has resigned as the CEO of Jubilant Foodworks. Key points to note – Pota had joined Jubilant in March 2017 from Pepsico. Pota is widely regarded as the man behind Jubilant’s turnaround. The Company was facing significant headwinds and was struggling operationally before he had joined. Since his joining, the Company has witnessed … Read more
United Spirits Limited (USL) is investing into Nao Spirits & Beverages Limited. Key points to note – USL is investing Rs 31.50 crore for a 22.5% stake on fully diluted basis Rs 20 crore primary for 14.29% stake: fresh CCPS + equity shares Rs 11.50 crore secondary for 8.21% stake – acquisition of equity shares … Read more