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
Reliance’s solar unit Reliance New Energy Solar Ltd (RNESL) will buy preferred shares of German firm NexWafe worth 25 million euros ($28.82 million). NexWafe is developing and producing monocrystalline silicon wafers grown directly from inexpensive raw materials, going directly from the gas phase to finished wafers. This is expected to give solar manufacturers a significant … Read more
The rankings are published by Forbes and covers 750 corporates globally. Key points to note – No. 1 position went to Samsung Electronics followed by US giants IBM, Microsoft, Amazon, Apple, Alphabet and Dell Reliance is placed at 52nd position – the highest for any Indian Corporate ICICI Bank is placed at 65 and HDFC … Read more
Recently there has been a lot of tussle going on in between Zee Entertainment and Invesco (it’s largest shareholder with 17.88% stake). It started with Invesco requesting for an EGM to seek a major management reshuffle in mid September 2021, effectively taking the company out of promoter’s control. As Zee chose to ignore the request, … Read more
Reliance sprung another surprise on October 10, 2021 (Sunday) when it announced two strategic investments into it’s newly identified focus area – Solar Power. In the afternoon – 100% acquisition of REC Solar Holdings for an enterprise value of $771 million (Rs 5,800 crore) from China National Bluestar (Group) Co Ltd; and In the evening … Read more
Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.The chairman of Ltd. entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. He’s now worth $100.6 billion, according to the Bloomberg … 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
The Supreme Court on Friday ruled in favour of e-commerce giant Amazon against the proposed ₹24,713-crore merger deal between Future Retail Limited (FRL)and Reliance Retail. A Bench of Justices Rohinton F. Nariman and B.R. Gavai upheld the validity and enforceability of a Singapore-based Emergency Arbitrator (EA) award, which restrained Future Retail Limited (FRL), India’s second … Read more