The digital commerce and merchant partnerships business has gained significant traction in the wake of COVID-induced disruptions and accounted for about 10 per cent of Reliance Retail s FY21 revenue of Rs 1,53,818 crore. According to the latest annual report of Reliance Industries, the digital commerce and merchant partnerships business contributed nearly 10 per cent of revenues, significantly stepped up from near zero in the preceding year .
Reliance Retail has reported a revenue of Rs 1,53,818 crore and a pre-tax profit of Rs 9,842 crore in FY21. Describing the growth of the online channel, the company said: Digital commerce gained significant traction in the wake of lockdown/restrictions and is likely to remain buoyant.
Could one of the energy industry’s longest-running on-again, off-again romances be catching fire again? Saudi Arabian Crown Prince Mohammed Bin Salman seems to think so. “There are discussions happening right now about a 1% acquisition by one of the leading energy companies in the world” in state-owned Saudi Arabian Oil Co., he said in a local television interview Tuesday. Prince Mohammed didn’t disclose which company might make the investment, but you don’t have to be a Jane Austen protagonist to work out the most likely partner. Reliance Industries Ltd., owner of the world’s biggest oil refinery, has been dancing the quadrille with Saudi Aramco for nearly two years. At current prices, 1% of Aramco would be worth about $19 billion not far off the $15 billion price tag put on 20% of Reliance’s energy division, at the time the Saudi company first took an interest in buying a stake in 2019.
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited. In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. While 100 per cent of the secured creditors voted in favour of the resolution, 99.99 per cent of unsecured creditors cast their vote in favour of the resolution.