Reliance Industries, the Indian conglomerate controlled by Asia's richest man Mukesh Ambani, agreed to buy the retail and wholesale business and the logistics and warehousing unit of Future Group in a 247.1 billion rupees ($3.4bn/Dh12.4bn) deal, solidifying its grip on India's retail sector.
Future Group, founded by first-generation Indian entrepreneur, Kishore Biyani, will merge “certain companies” into Future Enterprises as part of the deal, Reliance Retail Ventures said in a statement on Sunday. Reliance Retail will then invest 12bn rupees to take a 6.09 per cent stake in Future Enterprises.
"With this transaction, we … provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India,” Isha Ambani, director of Reliance Retail Ventures, said.
“We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas [groceries] as well as large consumer brands."
Future Group owns about 2,000 retail stores across 400 cities and towns in India. Its portfolio includes flagship supermarket chain Big Bazaar, apparel stores such as Brand Factory and FBB along with a growing chain of small neighbourhood stores including EasyDay and Heritage Fresh, WH Smith and 7-Eleven.
"We are pleased that our strong retail franchise and brands, that we have created over time, are going in stronger hands," Mr Biyani said in a separate statement. "This transaction takes into account the interest of all [Future Group's] stakeholders including lenders, shareholders [and] creditors."
The acquisition of the retail, wholesale and supply chain businesses of the group is a strategic fit into Reliance’s retail business, already India’s largest retailer by number of stores. The retail sector in India, which is Asia’s third-largest economy and home to about 1.3 billion people, is estimated to be worth $1.1 to $1.3 trillion by 2025 from $700bn in 2019, according to a joint study by Boston Consulting Group and the Retailers’ Association of India.
Mr Ambani has raised more than $20bn this year by selling stakes in his technology arm Jio Platforms to investors including Google, Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia’s Public Investment Fund, Facebook, KKR and General Atlantic.
The billionaire businessman is gradually transitioning Reliance, the world’s second largest energy firm, into a consumer services company.
In July, he outlined plans to bring in investors for Reliance Retail in an effort to further his dominance in the country's retail sector and compete with global e-commerce giants which are looking to tap into India's largely unorganised retail market.
Amazon has pledged to invest $5.5bn in India, while Walmart spent $16bn to buy local e-commerce leader Flipkart Online Services in 2018.
Mr Ambani is also looking to acquire several online retailers in India to help expand the company's online product offerings. Reliance is in various stages of negotiations to either buy or purchase stakes in Urban Ladder, an online furniture seller; Zivame, a lingerie maker; and Netmeds, which delivers medicine, Bloomberg reported earlier this month.
Reliance could pay $160 million for Zivame while the Urban Ladder deal could be priced at about $30m and Netmeds at $120m, according to Indian media reports. Milkbasket, a milk delivery company, is also one of its targets.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Company%20profile
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The specs
The specs: 2019 Audi Q8
Price, base: Dh315,000
Engine: 3.0-litre turbocharged V6
Gearbox: Eight-speed automatic
Power: 340hp @ 3,500rpm
Torque: 500Nm @ 2,250rpm
Fuel economy, combined: 6.7L / 100km
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
UAE currency: the story behind the money in your pockets
Read more from Mina Al-Oraibi
More from Rashmee Roshan Lall
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
WISH
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