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Reliance Retail Ventures brings 7-Eleven to India after Future exit

Reliance Retail Ventures (RRVL), the country’s largest retailer with over 12,800 active stores, is all set to enter the fast-growing convenience store segment after it struck a crucial franchisee deal with American major 7- Eleven, Inc (SEI). Days after 7-Eleven’s franchise deal with Future Retail (FRL) fell through, RRVL grabbed the master franchisee for the Dallas-based convenience brand for the India market, paving the way for its foray into the space. RRVL has already formed a wholly-owned subsidiary - 7-India Convenience Retail - and will be inaugurating the first 7-Eleven store at Mumbai’s Andheri East on Saturday.

Oberoi Realty Q2 sales bookings jump over 2-fold to Rs 828.52 crore

Oberoi Realty Ltd on Thursday reported over two-fold jump in its sales bookings at Rs 828.52 crore for the quarter ended September on improved housing demand driven by low mortgage rates. Its sales bookings stood at Rs 327.30 crore in the year-ago period, the company said in a regulatory filing. The Mumbai-based company sold 200 units during the JulySeptember quarter as against 45 units in the year-ago period.

IndiGo's Rakesh Gangwal moves HC to enforce award of London arbitration

IndiGo co-founder Rakesh Gangwal has moved Delhi High Court to enforce an arbitration order of the London Court of International Arbitration. Sources said the order had mandated relief in terms of the shareholders’ agreement, which gives greater control to co-promoter Rahul Bhatia and puts restrictions on transferring shares. Based on the proceedings initiated by Bhatia-owned lnterGlobe Enterprises (IGE), the London Court of International Arbitration had on September 23 given the final award in the fight between the two IndiGo promoters.

NCLAT gives more time to Zee to file reply to Invesco's plea for EGM

In a reprieve to Zee Entertainment, the National Company Law Appellate Tribunal (NCLAT) has given more time to the company and its directors to file their response to an extraordinary general meeting (EGM) sought by one of its largest shareholders, Invesco and OFI Global China Fund. Oppenhiemer-backed Invesco, which has 18 per cent stake in Zee, has asked the company to call an EGM to remove the present MD and CEO Punit Goenka and appoint six of its nominees on the board. The Zee board has rejected the EGM requisition, leading to a court battle initiated by Invesco. The Goenka family, which owns 4 per cent stake in the company, are fighting back and have asked the Centre to investigate Invesco’s credentials.

Piramal Enterprises board approves to demerge and list pharma business

A decade after selling its branded formulations business to US-major Abbott Laboratories for $3.72 billion, the Ajay Piramal group has announced it would demerge its pharmaceutical and financial services arms into separate listed entities. With an FY21 turnover of Rs 5,776 crore, Piramal Pharma will rank among the top 10 pharma companies in the country by revenue.

Emami Agrotech eyes Rs 25,000 crore turnover by 2025 with new plant

Emami Agrotech, the edible oil and bio-diesel arm of the diversified group, is eyeing a turnover of Rs 25,000 crore by 2025 on higher volumes. The company is looking to close the current financial year 2021-2022 with a turnover of around Rs 20,000 crore; in FY 2020-2021, it had clocked in a turnover of Rs 12,000 crore.

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