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Reliance said to near investment in Google-backed Glance InMobi: Report

Reliance Industries Ltd. is in talks to buy a stake in Indian mobile content provider Glance InMobi Pte, according to people familiar with the matter. The conglomerate is considering investing about $300 million in the unicorn backed by Alphabet Inc.’s Google, the people said, asking not to be identified as the information is private. The transaction could be completed as soon as in the next few weeks, one of the people said. Glance InMobi pushes curated news and entertainment content onto phone lock screens and also runs a short-video app. Reliance’s investment could involve strategic co-operation along with the financial element, a different person said.

REC gets shareholder nod to raise up to Rs 85,000 cr via bonds, debentures

State-owned REC has got shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures. "All resolutions as set out in the Notice of 52nd AGM of the company have been duly approved & passed by the shareholders with requisite majority," a BSE filing said on Monday. The funds would be raised on private placement basis in one or more tranches, according to the notice for 52nd Annual General Meeting (AGM) held on September 24, 2021.

Whirlpool to acquire additional 38% stake in Elica PB India for $57 mn

Consumer durables maker Whirlpool of India Ltd on Monday said it has inked a pact to acquire an additional 38 per cent stake in Elica PB India for USD 57 million (around Rs 420 crore). The company said it has entered into a share purchase agreement with Elica S.p.A to acquire the additional equity interest in Elica PB India to bring its total equity ownership to 87 per cent. The transaction is expected to close by the end of September 2021, Whirlpool of India said in a statement.

Adani Wilmar rolls out 'Fortune Mart' stores in 6 states

Adani Wilmar, which markets edible oils and other food products under the Fortune brand, on Monday said it has opened 12 physical stores on franchisee model across six states and plans to start outlets across the country. "Adani Wilmar is opening physical stores under the name Fortune Mart which will exclusively sell Fortune and other Adani Wilmar brand products," the company said in a statement. The physical stores are being opened on a franchise model.

Raymond consolidates tools & hardware, auto parts biz into engineering biz

Apparel and textile company Raymond on Monday said its board has approved plans to consolidate the tools and hardware and auto components businesses into engineering business for improving synergies and exploring monetisation options for deleveraging the company. "The overall objective being value creation for shareholders. The engineering business has achieved scale and improved market share in both domestic and global markets. These businesses have demonstrated growth in EBITDA margins, generated free cash flows and are debt-free," it said.

Govt intends to complete BPCL disinvestment by March-end The disinvestment of Bharat Petroleum Corporation (BPCL) is intended to be completed by March 2022 according to company Chairman, Arun Kumar Singh.Speaking at a press conference after the Annual General Meeting of the company on Monday.

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