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Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

12Oct By PriyankaNo Comments

News

Amazon Sends Legal Notice to Future Group over Asset Sale to Reliance Group

NEW DELHI, 12th October 2020: US based eCommerce giant Amazon sends a legal notice to Future Group, alleging that the retailer's $3.4 billion asset sale to Reliance Industries violated an agreement with the e-commerce giant. "We have initiated steps to enforce our contractual rights," a spokesperson for the Seattle-based e-commerce giant said. "As the matter is sub-judice, we can't provide details." In August 2019, Future Retail had informed stock exchanges that Amazon.Com NV Investment Holdings LLC would acquire 49 per cent stake in Future Coupons from their promoters, led by Kishore Biyani, for an undisclosed amount. At that time Future Coupons held 7.3 per cent stake in Future Retail. As part of the agreement, Amazon was also granted a call option, which allowed the US e-commer...

Reliance Acquire 85% Stakes of NowFloats

13Dec By PriyankaNo Comments

ACQUISITION

Reliance Acquire 85% Stakes of NowFloats

Reliance Industry said its subsidiary has picked up 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore. The stake purchase is aimed at strengthening the group's digital and new commerce initiatives. "Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, has acquired equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of NowFloats," RIL said in a BSE filing. RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of RSBVL in NowFloats will increa...

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

12Aug By NitishNo Comments

ACQUISITION, MIDDLE EAST

Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn

Mukesh Ambani the owner of Reliance group announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore). Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company. As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat. Saudi Aramco will take 20 percent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex. The Saudi national oil company...

How Much Mukesh Ambani and his team earn per annum

20Jul By AdityaNo Comments

BUSINESS

How Much Mukesh Ambani and his team earn per annum

New Delhi: India's richest man Mukesh Ambani has kept his annual salary from his flagship firm Reliance Industries capped at ₹15 crore ($2.1 million) for the eleventh year on the trot. Ambani has kept salary, perquisites, allowances, and commission together at ₹15 crore since 2008-09, forgoing over ₹24 crore per annum. This is at a time when remunerations of all whole-time directors of the company, including cousins Nikhil and Hital Meswani, saw a handsome increase in the fiscal year ended March 31, 2019. "Compensation of Shri Mukesh D Ambani, Chairman, and Managing Director, has been set at ₹15 crore, reflecting his desire to continue to set a personal example for moderation in managerial compensation levels," RIL said in its latest annual report. His remuneration for 2018-19 ...