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Reliance acquires Fynd Stake For $42.33 million

5Aug By AnkitaNo Comments

ACQUISITION

Reliance acquires Fynd Stake For $42.33 million

India's leading telecom and oil company Reliance Industries Ltd proposes 87.6% stake buyout in Shopsense Retail Technologies, also known as Fynd, for $42.33 million. Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, has entered into an agreement for the acquisition of shares of Shopsense Retail, Reliance Industries Ltd (RIL) said in a regulatory filing. Reliance also mentioned in filling that it has an option to further invest up to 1 billion rupees by December 2021 in Fynd, a software technology company formed in September 2012. Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce. Recently, eCommerce company Amazon is in talks with Reliance's retail unit to buy a stake in its r...

RIL Acquires British Toy maker Hamleys for $88.6 Million

10May By NitishNo Comments

ACQUISITION

RIL Acquires British Toy maker Hamleys for $88.6 Million

New Delhi: Mukesh Ambani-led Reliance Industries announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around $88.6 million) in an all-cash deal. Hamleys, a 259-year-old toy-maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.44 million pounds in 2018 after suffering a loss of 11.24 million pounds in 2017. It is currently owned by Chinese fashion conglomerate C Banner International, which had acquired it for 100 million pounds in 2015. C Banner also owns the Chinese units of marquee consumer retail brands such as Steve Madden and Sundance. "Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Relianc...

Asia’s Richest Man Mukesh Ambani Entry in E-commerce Space Will Reduce the Digital Space: Infosys Former CFO

19Jan By PriyankaNo Comments

Entrepreneurs Talk

Asia’s Richest Man Mukesh Ambani Entry in E-commerce Space Will Reduce the Digital Space: Infosys Former CFO

After news broke of Asia's richest man Mukesh Ambani entry into Indian e-commerce space against giants like Amazon and Flipkart, Infosys former CFO T V Mohandas Pai Saturday said the foray of Mukesh Ambani's Reliance into India's e-commerce space would allay fears of digital colonisation and dramatically lower costs, immensely benefiting the consumers. "One thing is certain that consumers and India will be a winner, and in online retail, the fear of becoming a digital colony will recede with the entry of a formidable Indian entity, Reliance," he told Pixr8 in an interview. Reliance seems to be creating next generation retailnetwork which has the potential to radically change the dynamics of retail in a fast growing economy, Pai said, adding that "it would dramatically lower costs, ...

RIL in Talks to Acquire India’s Largest Cable Operator

3Oct By Gauri SinghNo Comments

ACQUISITION

RIL in Talks to Acquire India’s Largest Cable Operator

Indian conglomerate Reliance Industries is in talks to acquire India’s largest cable operator, Hathway Cable & Datacom. With this acquisition, the company is looking to speed up the commercial launch of its GigaFiber high-speed home broadband services. However, some people familiar with the development have stated that the talks were at an initial stage and a deal was still at an exploratory stage. “It’s too early to say if the deal will go through or not, but RIL is aggressively pursuing it,” one of the people said. “The valuation figure being discussed is around Rs 2,500 crore,” the person added. Hathway is one of the largest Digital Cable TV and Broadband Internet Services provider in India that offers cable television services across 140 cities. It is a multi-system operator (...

RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio

28Aug By Gauri SinghNo Comments

BUSINESS

RCom Completes Sale of Fibre Assets worth Rs 30 billion to Reliance Jio

Anil Ambani’s Reliance Communications (RCom) announced that the company has completed the anticipated sale of its fibre assets and related infrastructure assets. The assets were sold worth Rs 30 billion to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). "With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO," Reliance Communications said. This particular decision marks the wrapping-up of yet another portion of a larger deal between RCom and Reliance Jio in December last year. The deal announced in December 2017, packed in 122.4 MHz of 4G spectrum in the 800/900/1800/2100 MHz bands, over 43,000 towers, 1,78,000 kilometres of fibre and 248 media convergence nodes. Along with this, it was last week that Reliance Commu...

Reliance Gears-up To Sell Smartphones and Electronic appliances Online

31Jul By AnkitaNo Comments

News

Reliance Gears-up To Sell Smartphones and Electronic appliances Online

India's largest subsidiary of Mukesh Ambani’s Reliance Industries retail chain, Reliance Retail has make its way to online sales of smartphones and electronic appliances such as refrigerators, air conditioners, and televisions. Reliance Retail is the online extension platform of Reliance Digital, a consumer durables and information technology concept. Reliance Digital with 305 stores as of June and 4,530 smaller Jio stores will act as fulfilment centres for the online orders According to reports, Reliance was gearing up for online sales of mobile phones and consumer electronics for its employees for over a year. The commercial operation has just been launched across India. While this is an omni-channel expansion of Reliance Digital,which will focus on making the online operation s...

BSNL Launches Prepaid Plan of Rs 75 To Knock Down Reliance Jio

30Jul By AnkitaNo Comments

INDIA

BSNL Launches Prepaid Plan of Rs 75 To Knock Down Reliance Jio

As all the operators are bringing down their tariffs and offering discounts which makes it a win-win situation for the customers. Taking the game one step ahead and In order to compete with rival Reliance Jio, the state-owned telecom operator Bharat Sanchar Nigam Limited (BSNL) has launched its 'Jeevitha Prepaid Plan' in Andhra Pradesh and Telangana telecom circle at a price of Rs 75. There is no official word as to whether the data plan will be available in other telecom circles in the country or not. The BSNL Rs 75 'Jeevitha Prepaid Plan' offers 10GB 3G mobile data along with unlimited local and STD voice calls. The plans also offer 500 free SMS. However, the free calls offer is not valid for calls to Mumbai and Delhi telecom circles. The plan comes with 15 days validity. According t...

CTO of Bharti Airtel And Reliance Jio Quit

23Jul By AnkitaNo Comments

News

CTO of Bharti Airtel And Reliance Jio Quit

Chief expertise officers of telecom operators Reliance Jio and Bharti Airtel have resigned from their respective firms. Reliance Jio Infocomm Limited is the most well-known Indian mobile network operator, owned by Reliance Industries and headquartered in Mumbai, Maharashtra. It operates a national LTE network with coverage across 22 telecom circles. It does not offer 2G or 3G service and instead utilizes voice over LTE to provide voice service on its network. Recently, the Chief Technology Officer of the Reliance jio group, Jagbir Singh, had joined the company before the soft launch of 4G services. Antecedent to this assignment, Jagbir Singh was working with the one of the familiar company known as Samsung. Previously he had also worked with Airtel for a period of ten years. Acco...

Who is The Real Owner of NDTV? Pranab Roy or Mukesh Ambani!

18Jul By Gauri SinghNo Comments

Story

Who is The Real Owner of NDTV? Pranab Roy or Mukesh Ambani!

Disclaimer - The information in the article about the deal of NDTV and Reliance has been derived from various sources and we have tried our best to collect all the facts and come up with a clearer view of the case. The readers can go through the story and analyze the whole deal according to their point of view. For a long time, a question might have been troubling a lot of people in the business space: Who really owns NDTV, Roys or Ambani? NDTV founders Prannoy Roy, his wife Radhika Roy and their private holding company RRPR Holding raised a loan amounting to Rs 350 crore, without any interest, from Vishvapradhan Commercial (VCPL), a subsidiary of Mukesh Ambani's Reliance Industries Ltd (RIL) on 21st July 2009. It is said that in the form of a loan, this was basically an ...

14Jul By Gauri SinghNo Comments

FUNDING

Top 5 Funding Of he Week (9th July – 14th July)

The previous week was quite eventful in terms of funding activities and it witnessed various companies that raised a noticeable amount of funds from different well-known investors. The trending fundraise that took place this week was led by Anil Ambani’s Reliance Big Entertainment, which seems to be an achievement for any startup. Reliance-backed Wishberry and SmartVizX raised the same amount of funds from their respective investors that was Rs 10 crores. Let’s now dig into the details and have a look on the top 5 funding activities that happened in the previous week. 1) WISHBERRY Wishberry, India’s largest crowdfunding platform for filmmakers and creative artists has secured an amount of Rs 10 crores in Series A fundi...

Mukesh Ambani Becomes Asia’s Richest Man, Defeats Jack Ma

14Jul By Gauri SinghNo Comments

News

Mukesh Ambani Becomes Asia’s Richest Man, Defeats Jack Ma

Mukesh Ambani, the chairman of Reliance Industries has achieved the position of Asia’s richest man, bringing down Alibaba’s Jack Ma to the second position. According to the reports, Ambani's estimated total wealth amounted to around $44.3 billion after Reliance shares rose 1.6%. The business tycoon added $4 billion to his wealth in 2018. On the other hand, Jack Ma lost $1.4 billion in the same year. The market valuation of the company raised powerfully over Rs 7 lakh crore mark during the morning trade on Friday. Reliance Industries crossed the $100 billion market capitalization mark, and this was its debut in the last 10 years. “We need to broaden our horizon of expectation with Reliance,” said Nitin Tiwari, a Mumbai-based analyst at Antique Stock Broking. “They are in for somethin...

Reliance Jio Phone 2 Launches at Rs 2,999: Specifications and Plans

10Jul By Gauri SinghNo Comments

Tech

Reliance Jio Phone 2 Launches at Rs 2,999: Specifications and Plans

Mukesh Ambani, the chairman of Reliance Industries Ltd, at the Annual General Meeting in Mumbai, launched the Jio Phone 2 and announced that the device will be priced at Rs 2,999. Also, the chairman came up with a new offer under which the users can exchange their old feature phone for a new Jio Phone by just paying Rs 501. The QWERTY phone will be available for sale from August 15th at an introductory price of Rs 2,999. It will have extra features like Whatsapp, Facebook and Youtube. Talking about the Monsoon Hungama Scheme, Ambani said, "Under this offer, by exchanging your old feature phone, you can get a brand new Jio Phone for an effective entry price of just Rs 501.” “Starting 15th August, we have another exciting offer for common Indians. They can purchase our Jio Phone 2...