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Reliance Retail to grow 3x in next 3-5 years, create a million jobs: Ambani

Reliance Industries' retailing arm Reliance Retail would grow at least three times in the next 3 to 5 years, Chairman and Managing Director Mukesh Ambani said on Thursday. It continues to be among the fastest-growing retailers globally and the company aims to be among the top ten retailers of the world, Ambani said at RIL's annual general meeting with shareholders. In the next three years, Reliance Retail will create employment opportunities for over ten lakh people and enable the livelihoods for many more, he added.

Reliance to conclude Aramco deal this year; Aramco rep on co board

Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as a precursor to a USD 15 billion deal that is now expected to conclude this year. RIL chairman and Asia's richest man Mukesh Ambani told shareholders that a deal to sell a 20 per cent stake in the company's oil-tochemical unit to Saudi Aramco was expected to conclude this year. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said.

Accenture Q3 revenue beats estimates on pandemic-driven demand

IT consulting firm Accenture Plc posted higher third-quarter revenue on Thursday that beat analysts' estimates, as more businesses used its digital, cloud and security services to adapt to a hybrid work model in a postpandemic world. Accenture, which acquired a number of businesses during the quarter, witnessed higher demand for its IT consulting services as the pandemic forced more companies to shift towards a cloud-based digitization strategy. Analysts say that the demand for IT consulting services is at a 20-year high and is likely to stay elevated, as businesses across sectors including finance and health depend on companies such as Accenture and its peers to adapt to a new hybrid work model.

Mahindra Finance raises Rs 225 crore through bond issuance

Mahindra Finance on Thursday announced raising up to Rs 225 crore by issuing bonds. A meeting of the duly authorised committee was held on June 24, 2021, approving the allotment of 2,250 secured redeemable nonconvertible debentures (NCDs) of face value of Rs 10 lakh each aggregating to Rs 225 crore, Mahindra & Mahindra Financial Services (Mahindra Finance) said in a regulatory filing. The date of allotment of bonds is June 24, 2021 and they are set to mature on June 24, 2026, The five-year tenure bonds carry coupon rate of 6.35 per cent per annum.

Piaggio Vehicles reopens its two-wheeler dealerships across India

Piaggio Vehicles on Thursday announced the reopening of its two-wheeler dealerships across India, which had shut operations due to a massive increase in the coronavirus infection cases between April and mid-May across the country. The decision to reopen the dealerships comes following the announcement of the lockdown opening guidelines from authorities, Piaggio Vehicles Pvt Ltd (PVPL) said in a release. PVPL is a wholly-owned subsidiary of the Italian auto major Piaggio Group. Its India product portfolio comprises iconic Vespa, and Aprilia scooters besides small commercial vehicles. We have been working together with our dealers in navigating through the second wave of COVID-19. Also keeping in mind the possible anxiety of our customers during the lockdowns we have announced an extension of original equipment warranty and free service that expires during lockdown period, said Diego Graffi, Chairman and Managing Director, Piaggio India.

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