Page 12 - Reliance Group

Indian conglomerates look towards global brands to cash in on luxury retail

In a bid to add a global flavour to the Indian retail landscape, Reliance, Tata, and a number of other Indian brands have begun a series of joint ventures with global luxury brands

PRAHAR writes to FinMin over violation of advertisement norms by brokers

Civil society organisation PRAHAR has written a letter to finance ministry expressing concern over misleading advertisements by some insurance broking firms. Public Response Against Helplessness and Action for Redressal (PRAHAR) in a letter written to finance minister Nirmala Sitharaman alleged that some of the new-age insurance broking firms selling policies online are alluring customers by indicating Rs 1 crore amount by investing a small amount for certain number of years. Insurers and insurer intermediaries are bound by the guidelines outlined in the Master Circular on Insurance Advertisements (2019). Specifically, Clause 3.4.1.3 of the Master Circular strictly prohibits insurers from projecting future performance based on past financial results. "Where attention is drawn to insurer's past financial performance, it should indicate that the past performance is not necessarily an indication of future performance," as per the Master Circular. The organisation requested the finance

Merged HDFC Bank set to push Reliance off its perch as top weight

Both RIL's and TCS' free-float m-caps are lower compared to HDFC Bank's

Reliance Industries, bp start production from third field in KG-D6 block

At peak capacity, block to account for one third of India's domestic gas production

Zee withdraws EOI for Reliance Broadcast; no resolution plan submission

News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL). Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL. "We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said. Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (CIRP') of RBNL. Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network. The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd. ZMCL is one

Reliance Consumer Products to focus on expanding distribution reach

Firm will eventually be present across all categories; unlike other players pushing for premiumisation, it will focus on keeping its product prices low to cater to the masses

Reliance Consumer takes its staples brand 'Independence' to North India

In May, RCP announced its entry in the western snacks category with the launch of Alan's Bugles in India marking its foray into the snacks segment

Reliance Group appoints Parul Sharma as Group President from June 20

The Reliance Group has announced the appointment of Parul Sharma as the Group President with effect from June, 20

Aditya Birla invests Rs 5,000 cr in jewellery biz, takes on Tata, Reliance

Group to open large-format exclusive stores across the country with its in-house jewellery brands

Reliance Foundation to give jobs to train accident affected families

Reliance Foundation, the philanthropic arm of India's most valuable company Reliance Industries Ltd, on Monday, announced a slew of relief measures, including a free ration for six months and jobs for those affected by the country's deadliest train crash in decades. The foundation will free fuel for ambulances dealing with the disaster through the Jio-BP network as well as free medicines for injured and medical treatment for those needing hospitalisation. "Provision of free ration supplies, including flour, sugar, dal, rice, salt and cooking oil, for the next six months to affected families through Reliance stores" will be made, it said in a statement. The deadliest train accident in nearly three decades left 275 dead and hundreds injured. "While we cannot undo the suffering caused by the tragedy, we are fully committed to helping the bereaved families rebuild their lives and prepare for the future. With this as our solemn mission, we are announcing a 10-point programme to offer ou

Akash Ambani, wife Shloka Mehta welcome second child, a baby girl

Akash Ambani, the elder son of billionaire Mukesh Ambani, and his wife Shloka Mehta Ambani on Wednesday welcomed their second child on Wednesday, a baby girl. The couple had their first child Prithvi in December 2020. Dhanraj Nathwani, a friend of the Ambani children and son of family confidant and Rajya Sabha MP Parimal Nathwani, took to Twitter to announce the birth of the girl child. "Heartiest congratulations to Akash and Shloka Ambani on the joyous arrival of their little princess! May this precious blessing bring immense happiness and love to your lives," he tweeted. In November last year, Akash's twin sister Isha and her husband Anand Piramal became parents to twins who were named Krishna and Aadiya. Mukesh Ambani has three children - twins Akash and Isha and younger son Anant. All are now involved with his oil-to-telecom-to-retail conglomerate. While Akash looks after the telecom business, Isha is involved with the retail venture. Anant is looking after the new energy ...

After RIL-bp, Nayara Energy sells petrol, diesel at Re 1 less than PSUs

After Reliance Industries Ltd and its partner bp plc of the UK, Nayara Energy - the nation's largest private fuel retailer - has started selling petrol and diesel at Re 1 less than the fuel sold by state-owned retailers, officials said. While state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) continue to hold prices despite a drop in international rates, private fuel retailers have started passing on the benefit to consumers. "To further stimulate domestic consumption and cater to local customers better, we have introduced a Re 1 discount in our retail outlets until the end of June 2023," a spokesperson for Nayara Energy said. "We believe in being a strong partner to India's energy needs and will continue to serve the country's consumption demand." Nayara Energy, which owns over 7 per cent of India's 86,925 petrol pumps, is selling petrol and diesel at Re 1 per litre less than that by IOC, BPCL and HPCL in

Reliance completes acquisition of 51% stake in Lotus Chocolate Company

The acquisition of Lotus Chocolate is part of Reliance Retail's goal to grow its FMCG market, which it just entered

Reliance Retail hands over pink slips to 700 staff, many on watch list

Reliance Retail has retrenched more than 700 people from its business to business vertical Jio Mart, industry sources said on Tuesday. Isha Ambani-led Reliance Retail is now integrating the Indian cash & carry business of German retailer Metro AG after completion of a Rs 2,700 crore-deal. After the acquisition, employees of Metro were transferred to Reliance Retail and there were several instances of overlapping of roles as well as functions of employees and executives, the sources said. According to the sources, more than 700 people have been laid off. Reliance Retail has also started reviewing the roles of employees from other verticals of its retail business and has put hundreds of employees on performance improvement plans, they added. Besides, the sources said the company has asked many people in the sales team to move from regular employment on a monthly salary to a commission-based model. Under such a structure, these employees would receive their emoluments based on their

Refinery rejig: Why is India steadily raising petrochemicals capacity

Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts

Reliance Power offers Rs 1,200 cr to settle debt of Butibori power project

Reliance Power has made a Rs 1,200 crore one-time settlement (OTS) proposal to the lenders of its subsidiary Vidarbha Industries Power Ltd (VIPL) to settle its debt, sources aware of the matter said. As per the proposal, the company has offered to pay around Rs 1,200 crore in upfront cash to the lenders which include Axis Bank, SBI, Bank of Baroda, PNB, Canara Bank, and Bank of Maharashtra. The outstanding loan of the company as on March 31, 2022, is around Rs 2,200 crore. According to sources, Reliance Power's OTS offer is supported by Varde Partners of Singapore, which is already an investor in another group company, Reliance Infrastructure Ltd. VIPL operates a coal-based project with a capacity of 600 MW (2x300 MW) at the Butibori Industrial Area in Nagpur, Maharashtra. Prior to this, Ahmedabad-based CFM Asset Reconstruction Pvt Ltd had made an all-cash offer of Rs 1,120 crore to the lenders of VIPL. CFM ARC is now under the scanner of RBI and the Income Tax Department for all

Muttiah Muralitharan's Ceylon Beverages to fill Campa cans for Reliance

The co-packing partnership has already been signed, and the two companies are close to signing the deal to set up manufacturing units in India for Campa soft drinks

Reliance-bp, Russia's Nayara begin pricing petrol, diesel at market rates

India's private fuel retailers -- Reliance-bp and Russia's Rosneft-backed Nayara Energy -- have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said. Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK's bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL). But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said. Nayara, the largest private fuel retailer that owns over 7 per cent of India's 86,855 petrol pumps, started pricing petrol an

Reliance Industries Limited to announce Q4 results on April 21

Reliance Industries Limited has informed BSE that the meeting of the Board of Directors of the Company is scheduled on April 21

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