MUMBAI: In a first, the sub-continent’s wealthiest billionaires who are also among world’s richest industrialists, Mukesh Ambani and Gautam Adani, are entering a ‘power’ deal. Ambani will pick up a minority stake in a power unit of Adani, their companies announced Thursday. Ambani’s Reliance Industries will purchase 26% in Mahan Energen, a wholly owned subsidiary…
NEW DELHI: Mukesh Ambani‘s Reliance Industries has acquired a 26 per cent stake Gautam Adani’s power project in Madhya Pradesh. Reliance eyes to utilize 500 MW of electricity from the project for its captive use.The agreement involves Reliance purchasing 5 crore equity shares in Mahan Energen Ltd, a subsidiary of Adani Power Ltd. The deal,…
MUMBAI: There are now more billionaires in Mumbai’s 603 sq km than there are in Beijing’s over 16,000 sq km. By overtaking the Chinese megalopolis, Mumbai has become Asia’s billionaire capital for the first time.While China has 814 billionaires compared to India’s 271, Mumbai hosts 92 billionaires against 91 in Beijing, Hurun Research‘s 2024 Global…
India’s Arvind Fashions reported a 18.9% rise in the second-quarter profit on Tuesday, aided by healthy sales of clothing and footwear and as power brands helped it maintain wider margins. The Bengaluru-based company’s consolidated net profit rose to 216.6 million rupees ($2.60 million) for the quarter ended Sept. 30 from 182.2 million rupees a year…
British retailer Marks & Spencer (M&S) said it is opening a store every month in India, accelerating their outlet expansion though a quarter of their sales comes from online channels. India is already its largest international market outside home in terms of store network with 100 stores opened in the last 15 years. “If you…
India‘s Shoppers Stop on Wednesday posted a 83.2% fall in second quarter profit as the department store was hit by rising expenses and weaker demand, with customers delaying purchases of clothes and cosmetics due to a late festive season. The festive season in India – which started in September last year – brings in the…
BENGALURU: UK’s struggling fashion retailer Superdry said on Wednesday it would sell its intellectual property assets in South Asia to Reliance Retail, India’s largest retailer, for 40 million pounds ($48.27 million) via a joint venture. Superdry – which has been grappling with weak orders from wholesale partners cautious on stock levels and liquidity – said…
NEW DELHI: Asia’s richest man Mukesh Ambani took another step on Monday to lay out a succession plan at Reliance Industries Ltd.The 66-year-old elevated his three children as non-executive directors to Reliance’s board and said he will spend the next five years of his chairmanship preparing them to take charge of the conglomerate’s transformation into…
