Author: News Desk
Reliance Retail Ventures (RRVL) on Friday said it is taking over the India operations of LVMH-owned Sephora from Arvind Beauty Brands Retail, a subsidiary of Arvind Fashions. According to an official release, the all-cash deal for INR 99 crore, values Arvind Beauty Brands Retail at INR 216 crore. The enterprise value includes the entire equity stake and outstanding loans. The transaction, through RRVL arm Reliance Beauty & Personal Care, comes after talks between Sephora and Reliance Retail to form a retail partnership for the Indian market were abandoned earlier this year. A separate release by Reliance Retail said that it has tied…
In a significant development, Karthik Gurumurthy, the Senior Vice-President (SVP) at Swiggy, is poised to leave the renowned food delivery giant to kickstart his own venture, according to insiders familiar with the situation, as reported by Moneycontrol. A Brief Sabbatical and Return to Swiggy Back in March, Gurumurthy, who is credited with creating Swiggy Instamart, took a sabbatical. However, he made a comeback in May, taking the helm of Swiggy Mall, previously known as Swiggy Maxx, an online hyperlocal shopping destination. A New Venture in the Offing Gurumurthy’s upcoming project shares some similarities with Swiggy but ventures into the offline…
UAE unveiled a novel end-of-service benefits scheme that offers companies the flexibility to enhance employee retention and attract top talent. This innovative initiative provides employers with the option to enrol selected employees into a new program where their end-of-service gratuity is invested in approved funds, ultimately boosting their retirement savings. In this article, we will delve into the details of this scheme and how it functions, highlighting the advantages it offers to both employers and employees. 1. Flexibility for Employers: – Under the newly introduced scheme, participation is entirely optional for employers. They can decide to choose the employees they…
In her recent speech at the India-Sri Lanka Business Summit, Indian Finance Minister Nirmala Sitharaman brought to light the evolving landscape of international agreements. She emphasised that global multilateral treaties, which have long been a hallmark of international diplomacy, are now experiencing a decline. This shift indicates a growing preference for bilateral arrangements among nations. In this article, we delve into the key points made by the Finance Minister, shedding light on the significance of bilateral pacts in today’s world. Rising Interest in Bilateral Agreements and Regional Currencies Sitharaman’s remarks underscore the fact that bilateral agreements are gaining prominence on…
The Prime Minister Narendra Modi has inaugurated the second edition of ‘World Food India 2023’ at Bharat Mandapam in the National capital. During his inaugural address, Modi stressed that India’s food processing sector has emerged as a ‘Sunrise Industry’ and has attracted INR 50,000 crore in foreign direct investment (FDI) During the event he also initiated the process of distribution of seed capital assistance of INR 380 crore to over 1 Lakh Self Help Group (SHG) Members, at the inauguration of ‘World Food India 2023’ in Delhi. “Food diversity in India is a dividend for every global investor. Our sustainable…
Agri-tech company Bull Agritech has raised $100K in a pre-Seed funding round led by startup accelerator PedalStart. Bull Agritech has been part of PedalStart’s current cohort One-to-N which is backed by Venture Capital funds from the ecosystem. According to an official statement, the company plans to use funds for the growth of the company and accelerate the operations along with building the team. Commenting on the fund raised, Hit Desai, Co-founder at Bull Agritech, said “We see a huge opportunity in the non-perishable agri-trade market as the farmers have been left with a 100-year-old monopoly that is APMC which lacks…
The United Arab Emirates (UAE) is planning for an investment around $50 billion in India, its second-largest trading partner, as part of a broader bet on the world’s fastest-growing major economy, according to a Bloomberg report. Provisional pledges from the UAE could be announced early next year, people familiar with the matter said, demanding the identity of anonymity, as the information is not public. Reportedly, any new investments would follow Narendra Modi’s meetings with UAE President Sheikh Mohammed bin Zayed in July. Deals being discussed include stakes in key Indian infrastructure projects and state-owned assets, with announcements likely before Modi seeks…
Online food delivery platform Zomato CEO Deepinder Goyal recently revealed his company’s hiring policy. While talking with the popular YouTuber Ranveer in his ‘The Ranver Show’, Goyal said the company does not hire people who are looking for jobs. “The kind of workforce we hire is very different. Ideally, we don’t hire people who are looking for jobs. The kind of people we need, they don’t search for jobs. He also stated that the company looks for good people, approaches them, and then works on them, especially when it comes to mid and senior-level hiring. Being asked on his company hires…
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Automotive manufacturer Toyota on Wednesday announced that it is recalling more than 1.8 million RAV4s. Specifically, it is recalling certain vehicles from model years 2013-2018. In an official statement, Toyota said, “Some replacement 12-volt batteries of the size specified for the subject vehicles have smaller top dimensions than others. If a small-top battery is used for replacement and the hold-down clamp is not tightened correctly, the battery could move when the vehicle is driven with forceful turns,” further adding that the movement could cause the positive battery terminal to contact the hold-down clamp and short circuit. At issue is a fire…