Mukesh Ambani, despite being a later starter in the Retail Business, is today the undisputed emperor.
Valuation concerns could weigh on the stock price of Future Enterprises
Rival Reliance Retail too will be investor in company
Mismatch between ambition and resources; debt does him apart, say experts
Biyani (59), who started his business in 1987 by launching Manz Wear which later adopted the brand name of Pantaloon, has agreed to hand over the control of his retail empire to relatively new entrant
Company's board to meet today on sale of retail arms to RIL
Robust omni-channel network in the offing, says Reliance Retail's FY20 annual report
RIL entry will lead to Amazon's exit from promoter entity
Other Future Group companies' stock also rallied on the development, with Future Retail surging 7 per cent
All that happened in the markets today
Future Retail shares on Monday closed 6.62 per cent down at Rs 114. This is because one of its lenders sold the firm's pledged shares because of default
Kishore Biyani-led Future Retail has averted a default as it repaid around $14 million (around Rs 100 crore) interest on foreign bonds to investors.
Business Standard brings to you a snapshot of top events which made the headlines today
Once the merger is complete, Reliance Industries will be investing Rs 8,500 crore in the merged entity, resulting in the Mukesh Ambani-led conglomerate owning close to 50 per cent in it
RIL may pick up 50% in merged entity
Interest rates have gone up to as high as 10%, making it uneconomical to raise funds from abroad
Next on the list: media and entertainment, e-commerce, a series of online businesses, and retail
RIL, Future stocks go up on finalisation of acquisition talks
Aggressive expansion plans have led to cost overrun, sliding profits for Future Group firms
Last year, India Inc sealed deals worth $88.88 billion in the January-July period, but this year the total transactions are $56.73 billion, fueled mainly by RIL-Jio deals