Puravankara firm buys Metro Cash & Carry’s 7.6 acre in Bangalore for Rs 405 cr

Puravankara Ltd, one of India’s largest real estate developers, said one of its associate companies will buy a 7.6 acre plot in Bangalore’s Yeshwantpur from international retailer Metro to develop a commercial complex. The deal will be carried out through Keppel Puravankara Development Private Limited, a joint venture between Puravankara and Singapore’s Keppel Land in which the […]

MCA orders inspection into Vakrangee’s accounts

Vakrangee Ltd, the Mumbai-based technology and distribution company, said the ministry of corporate affairs of India has ordered an inspection of its accounts for three years, and that PricewaterHouse will step down as the company auditor as part of the exercise. The inspection will be carried out under section 206 of the Companies Act. The […]

Infibeam plunges to Q1 loss as payment outgoes jump

Infibeam Avenues, one of India’s largest home-grown e-commerce companies, reported a standalone loss of Rs 14 cr for the first quarter due to a sharp increase in payment gateway charges. While operating revenue for the Apr-Jun quarter increased sequentially by Rs 5.3 cr to Rs 91.34 cr, payment gateway charges jumped by a whopping Rs […]

Future Retail margin improves as co sheds unprofitable outlets

Future Retail, the country’s largest brick-and-mortal retailer with over 1,100 stores, reported an overall improvement in its profits margins in the Apr-June quarter. The improvement was largely the result of a slight dip in operating expenses, even as sales fell as the company shut unprofitable outlets. Excluding such stores, sales improved 7.1% on year. Net […]

PVR opens 4-seat multiplex at Phoenix United Mall in Bareilly

PVR Cinemas said it has opened its 137th multiplex at Phoenix United Mall in Bareilly, Uttar Pradesh. With this, said India’s largest cinema exhibitor, it now has 13 multiplexes in Uttar Pradesh. The company has also increased the total multiplexes in North India to 49. The latest property will have four screens, taking the total screens […]

AYUSH ministry objects to HUL’s AYUSH brand

Government of India has raised objections to the use of AYUSH as a trademark, said Shripad Yesso Naik, minister of Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homoeopathy. The objection is based on the contention that the abbreviation for the ministry’s name is also AYUSH, and is used by the government in official communications and publications. […]

Dabur reports strong sales growth, margins decline QoQ

Nature-based consumer products maker Dabur India reported 24.6% growth in net profit for the first quarter, riding the trend of rising sales. However, the company, which faces tough competition from Patanjali Ayurved, reported a dip in profits when compared with the preceding quarter. The primary reason for the sequential decline was a sharp increase in […]

RIL invests Rs 9.5 cr in Gurgaon-based Fashion startup

Reliance Industries, the parent of Reliance Retail, said it has acquired a 12.5% stake in a fashion company called Future101 Design Pvt Ltd at a cost of Rs 9.5 cr. The Gurgaon-based company designs and manufactures garments such as ladies kurtis and men’s shirts. “Future101, incorporated in July, 2013 is engaged in manufacturing, distribution and […]

Acharya Balkrishna: Swadeshi not about boycotting foreign ideas & capital

Acharya Balkrishna, the owner of Patanjali Ayurved — one of India’s biggest consumer products companies — clarified that his company was not advocating a boycott of foreign ideas, concepts or even capital in the name of going Swadeshi. Speaking at the India Economic Conclave in Mumbai, Balkrishna even said his company was even open to […]

Reliance Digital, Jio Stores to sell all Motorola devices

India’s largest technology retail chain Reliance Digital said it signed an agreement to sell all Motorola products at its outlets. At present, Motorola is largely an online-focused brand. Motorola, which used to be a big brand in the country in the 1990s and 2000s, lost out to Korean players like Samsung and LG about 10-12 […]

PE player L Catterton buys 10% in Future Lifestyle, owner of Brand Factory, Central

L Catterton Asia, the Asian unit of the consumer‐focused private equity firm, will take a stake of around 10% in Future Lifestyle Fashions Ltd, the company that operates the Brand Factory and Central fashion stores in India. The valuation or the amount invested was not revealed. However, Future Lifestyle Fashions has an equity market value […]

Kishore Biyani unveils big expansion plans for Future Group this year

Kishore Biyani, head of Future Group, outlined mega expansion plans for his retailing business for the next 12-15 months in the context of the entry of WalMart into India’s retailing sector. “Our plan is to add 1,000 small stores over the next 12-15 months,” Biyani told CNBC-TV18 in an interview. “Our plan is to open […]

Walmart-Flipkart deal to change offline retail in India – CMR

CyberMedia Research, the market research arm of the CyberMedia publishing group, has predicted that the $16 bln acquisition of Flipkart by WalMart, the world’s largest retailer, will bring far-reaching changes in India’s retail sector, both online and offline. The news of the deal has already led to some response from offline retail players such as […]

Future Group cos say no decision on selling 10% stake

Companies belonging to the Future Group, which runs India’s largest super market chain Big Bazaar, said they have not taken any decision on selling a minority stake to any global retailer. Their comments came in response to a clarification sought by the stock exchanges into a news report that quoted Future Group founder Kishore Biyani […]

Parle Products in distribution tie-up with Manpasand Beverages

Manpasand Beverages said it has inked a distribution tie-up with Parle Products, one of India’s largest food and beverage companies, for the Western Indian market. The move comes after a similar agreement for eastern India helped Manpasand increase its reach. Through this partnership, Manpasand Beverage said, it will have access to 45 lakh outlets pan-India […]