Page 9 - Reliance Retail

Dunzo seeks $20 million additional investment from Reliance Retail

Reliance Retail picked up 25.8% of Dunzo's shares back in January 2022 after investing $240 million into the startup

Reliance likely to acquire Alia Bhatt's Ed-a-Mamma for Rs 300-350 crore

An industry executive was quoted as saying that an agreement between Reliance and Ed-a-Mamma is likely to be signed in the next seven to 10 days

Reliance Retail among three prospective buyers for Future Enterprises

Three companies, including Reliance Retail Ventures Ltd (RRVL), have been selected as " prospective" buyers for Future Enterprises, which is currently undergoing the Corporate Insolvency Resolution Process. The resolution professional of Future Enterprises Ltd (FEL) has finalised a provisional list of three Prospective Resolution Applicants (PRA), an exchange filing from the debt-ridden company said. Besides RRVL, steel maker Jindal (India) and GBTL, maker of polyester viscose & blended fabrics are on the list. The deadline for submission of resolution plans by PRAs is August 24, 2023. CIRP was initiated by the National Company Law Tribunal (NCLT) earlier this year in March over a plea moved by its operational creditors. Interestingly, RRVL is also among the final list of prospective buyers for another Future Group flagship firm, Future Retail, which is also facing CIRP. FEL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, ...

Dunzo delays salaries of about 500 employees for June month: Report

Reliance Retail and Google-backed logistics and delivery platform Dunzo has deferred payment of the June salaries to about 500 employees, according to sources. Dunzo's top management is expected to be most impacted by the decision, sources said. The development comes after Dunzo raised USD 75 million in April, and fired about 400 employees in the first half of this year as part of cost-cutting measures. The company at present has around 1,000 employees. Dunzo has raised USD 457.6 million in 19 rounds of funding, according to Crunchbase data. Reliance Retail holds around 25 per cent and Google has a 20 per cent stake in Dunzo, while there are 33 other investors, the data showed. Dunzo has expanded business as a logistics aggregator and roping in delivery partners on a need basis rather than relying on 'dark stores' or in-house item storing.

RIL shines in lacklustre trade; Sensex ends 64 pts up; broader indices slip

CLOSING BELL ON JULY 10, 2023: Reliance alone contributed 302 points to the BSE Sensex as the stock finished 3.8 per cent higher. The NSE Nifty 50 was up 24 points at 19,356 on Monday.

RIL eyes new all-time high, Golden Cross breakout aims at Rs 3,000

The counter may struggle to cross Rs 2,800-mark, which appears to be the next hurdle, but the current momentum is not suggesting any weakness.

Reliance Retail to reduce equity share capital, pay Rs 1,362 per share

Shares held by such shareholders will stand cancelled and extinguished

Reliance Retail to reduce share capital, to pay Rs 1,362 per share

Reliance Retail will be sending a notice to its shareholders for this capital reduction

Addverb eyes Rs 8,000 cr revenue; to invest Rs 500 cr in manufacturing

Reliance Retail-owned robotics firm Addverb expects to cross Rs 8,000-crore revenue mark in five years, with scaling up of manufacturing operations and diversifying target market base, a senior company official said. Addverb Technologies co-founder and CEO Sangeet Kumar told PTI that the company will invest Rs 500 crore in its Greater Noida-based robot manufacturing facility in phases to realise USD 1-billion revenue in five years. "We will invest Rs 500 crore in our manufacturing facility in phases. Once this investment is done, we expect revenue of USD 1 billion, which will be over Rs 8,000 crore," Kumar said. The company has already invested Rs 200 crore in its Greater Noida manufacturing unit which was inaugurated by Uttar Pradesh Chief Minister Yogi Adityanath last week. Addverb manufacturing unit is spread over 6 lakh square feet, out of which the company has built facility in about 2.5 lakh square feet. "Last year, we did revenue of Rs 450 crore. This year we are planning t

Dunzo4Business plans to expand into 10-15 new cities in next 18 months

Reliance Retail backed Dunzo's logistics arm Dunzo4Business plans to expand the business to 10-15 cities in the next 12-18 months, a senior company official has said. Dunzo co-founder and Dunzo4Business (D4B) head Dalvir Suri told PTI that the logistics aggregator firm is working, along with the government-supported Open Network for Digital Commerce (ONDC), to cater to intracity last mile delivery of products. "In a year's time or 18 months' time, along with ONDC and my b2b logistics business, we do see ourselves entering into 10 to 15 new cities," Suri said. He said that at present, D4B has a presence in about 10 cities. The company joined the ONDC platform about a year ago and, currently, claims to be serving 60-70 per of the total order received on the platform for the last mile delivery, besides orders received on Dunzo for delivery of groceries and some other merchants. "Bangalore, Delhi, Hyderabad and Chennai are four cities where they (ONDC users) are putting most of the ..

Reliance Retail, 6 others submit EoIs for Future Supply Chain Solutions

The Future group's warehousing and logistics requirements are managed by Future Supply Chain Solutions and were once considered critical to the operations of the group

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

Reliance Retail begins layoff as JioMart B2B consolidation starts

Following the METRO buy, it shuts a few warehouses as part of the integration exercise

Chinese fast-fashion retailer SHEIN 100% Indian on return, says Centre

No FDI, only tech transfer by Chinese fast-fashion retailer

Shein is coming back to India. Here's why it was banned in the past

With Shein re-entering the Indian market, many speculate about what changed for the Chinese retailer to be allowed re-entrance. Here's all you need to know about the company, its ban and its future

Shein is ready to make its second entry into India with Reliance Retail

The Chinese e-commerce company had first entered the Indian market in 2017

Reliance Retail, Adani Group no longer bidding for Future Retail: Report

The new highest bid is from Space Mantra and five other companies have placed their bid for parts of the company

METRO completes deal with Reliance to sell its India Cash & Carry business

German retailer METRO AG on Thursday announced the completion of the sale of its Indian cash & Carry business to Reliance Retail Ventures Ltd (RRVL), which holds the retail empire of Reliance Industries Ltd. The deal includes all 31 wholesale stores operated by METRO Cash & Carry India and the entire real estate portfolio (6 store-occupied properties) to RRVL, said Metro AG in a statement. "METRO India will complement Reliance Retail's retail network in the future," it said. As per the deal, "all METRO India stores will continue to operate under the METRO brand during an agreed transition period." However, it also added, "For METRO employees and METRO customers, there will be no noticeable changes for the time being." Earlier on Dec 22 METRO and RRVL had announced the deal, as part of which billionaire Mukesh Ambani led firm will acquire German firm wholesale operations in India for Rs 2,850 crore. The deal will help Reliance Retail to strengthen its dominant position in ...

JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail

This month, the National Company Law Tribunal (NCLT) had granted an extension of 90 days for conducting the corporate insolvency resolution process (CIRP) of FRL and extended it to June 15, 2023