Reliance Retail second fastest-growing retailer in the world amid pandemic

News Network
May 9, 2021

Billionaire Mukesh Ambani's Reliance Retail Ltd has been ranked second fastest-growing retailer in the world in the 2021 ranking of global retail power houses by Deloitte, down from top rank secured the previous years.

It has been ranked 53rd in the list of Global Powers of Retailing, improvement from 56th earlier, according to the Deloitte report.

The list is topped by US giant Walmart Inc, which retains its position as world's top retailer. Amazon.com Inc improved its position to rank second. Costco Wholesale Corporation of US slipped a rank to be placed third followed by Schwarz Group of Germany.

The top 10 has seven US retailers and one from the UK (Tesco PLC at 10th position). Other US retailers in the top 10 include The Kroger Co (ranked 5th), Walgreens Boots Alliance, Inc (6th) and CVS Health Corporation (ranked 9th). Germany's Aldi Einkauf GmbH & Co. oHG and Aldi International Services GmbH & Co. oHG is placed at 8th position.

Reliance Retail is the only Indian entry in the global list of 250 retailers. It features consecutively for the 4th time in the list of Global Powers of Retailing and World's Fastest Retailers.

"Reliance Retail, last year's Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase in the number of stores in its consumer electronics, fashion and lifestyle and grocery retail chains, to 11,784 stores across 7,000+ towns and cities in India at fiscal year end (FY20)," Deoitte said.

E-commerce, it said, is a second growth driver, through both digital commerce (B2C) and B2B.

"The company is partnering with WhatsApp to further accelerate Reliance Retail's digital commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp," it said. "Reliance Retail acquired the 29 stores of Shri Kannan Departmental Store at the end of FY2019, and in August 2020 announced it would acquire Future Group's retail, wholesale and logistics units for $3.4 billion."

When fully approved, the deal will almost double Reliance Retail's store space.

Reliance Retail also made two e-commerce acquisitions in 2020, buying Vitalic Health and its online pharmacy platform Netmeds in August, and a 96 per cent stake in online home decor company UrbanLadder in November.

On global outlook, Deloitte said in the early months of 2021, the world was faced with both promise and peril.

"On the positive side, the distribution of vaccines for Covid-19 was under way, offering the promise that, sometime later in the year, the negative impact of the virus could abate significantly. On the negative side, the virus continued to threaten economic stability, especially in those parts of the world where it was still prevalent and threatened to be a problem elsewhere if new and virulent strains of the virus were spread widely".

Even in places where the outbreak was limited, there was a negative economic impact from social distancing measures to avoid a further outbreak, it said adding the challenge for policymakers was to control the current outbreak, protect those who have been disrupted by it, and speed up the distribution of approved vaccines.

The speed and success of these three imperatives will determine the path of the global economy in the year ahead, it added. 

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News Network
May 17,2024

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Hubballi, May 17: Karnataka Police have arrested the killer, Vishwa, also known as Girish, in the sensational Anjali Ambigera murder case, police said on Friday.

Preliminary investigations reveal that Vishwa was a habitual thief who exploited innocent young women. The accused is also a drunkard and was caught while attempting to commit theft. He was also part of a gang which stole bikes.

The accused targeted gullible young women, enacting a drama of love and playing the emotional card to forcefully extort gold, silver, and cash from them. When Anjali did not agree to any of his attempts to rob her and outrightly rejected his offer to go with him to Mysuru city, he brutally killed her.

The police had formed two teams to hunt down the killer. One of the teams was searching in the south Karnataka region, and another team, which launched a hunt in Davanagere, nabbed him. The accused was arrested by the police on Thursday.

The police could not catch him sooner as the killer did not carry a mobile phone and did not use his phone for 15 days, before murdering Anjali. The jurisdictional Bendigeri Police were aware of the killer's history, but even after the complaint by the girl’s family, they showed "utter negligence".

The 24-year-old Vishwa entered Anjali Ambigera's (20) residence at 5.30 A.M. on Wednesday and stabbed the young woman multiple times before she could react. Vishwa dragged Anjali Ambigera all over the house, kicking and stabbing her. Later, he pushed her into the kitchen where he stabbed her repeatedly.

Despite efforts by Anjali’s grandmother and two sisters to stop the attacker, he killed her and managed to flee. The incident occurred in the Veerapura Oni area within the jurisdiction of the Bendigeri Police Station.

Vishwa had been blackmailing Anjali and pressurising her to accompany him to Mysuru without informing her parents. The incident which took place close on the heels of MCA student Neha Hiremath’s brutal murder by the jilted lover has raised concern over the safety of women all across the state.

The BJP had demanded the resignation of Home Minister G. Parameshwara while the Congress leaders have also demanded that the Hubballi-Dharwad Police Commissioner Renuka Sukumar should be transferred for failing to sensitise the police force regarding issues of women’s safety.

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News Network
May 7,2024

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The Israeli military says it has taken full control of the Rafah crossing, which borders Egypt.

Israeli tanks took over the crossing after advancing during the night following heavy bombardment of residential areas.

The military said the crossing is now disconnected from the Salah a-Din road in eastern Rafah, which was seized before.

Tel Aviv said it would continue the operation in Rafah even after the Palestinian resistance movement Hamas said it had agreed to a proposal on ceasefire in Gaza put forward by Qatari and Egyptian mediators.

Earlier, Israeli military aircraft heavily bombed Rafah accompanied with ground advances shortly after Hamas said it had accepted the ceasefire proposal.

The official Palestinian news agency Wafa and Egyptian media said Israeli military vehicles advanced towards the Palestinian side of the Rafah crossing with Egypt, as well as the Karem Shalom crossing with the Israeli-occupied territories.

A Palestinian security official and an Egyptian authority have told the Associated Press news agency that Israeli tanks have entered Rafah, reaching as close as 200 meters from Rafah’s border crossing with neighboring Egypt.

The Israeli military has said it was conducting “targeted strikes” against Hamas in eastern Rafah.

Israeli prime minister Benjamin Netanyahu's office has also said "Israel is continuing the operation in Rafah to exert military pressure on Hamas" in order to advance the release of captives and what it called "the other objectives of the war."

In the meantime, it described the proposal on ceasefire as "far from Israel's essential demands," but added that it would send negotiators for talks "to exhaust the potential for arriving at an agreement."

The military strikes on Rafah came ahead of talks in Egypt on Tuesday aimed at sealing a truce proposal accepted by Hamas, which was put forward by Qatari and Egyptian mediators. 

According to a copy of the proposal, there will be three phases to ending Israel’s onslaught against Gaza.

The first phase calls for a complete withdrawal of Israeli troops from the Netzarim corridor and the return of displaced Palestinians to their homes. The second phase involves an announcement of a permanent cessation of military operations. In the last phase, there would be a complete end to the blockade of the Gaza Strip. 

In return, Israel would be required to release an unspecified number of Palestinian prisoners, withdraw its troops from certain regions of the Gaza Strip, and allow Palestinians to travel from the south of the coastal sliver to the north.

About 1.5 million Palestinians are sheltering in Rafah, once designated a “safe zone” by the Israeli military. Palestinians are now struggling to evacuate the city, after the Israeli military dropped leaflets ordering them to leave as a large-scale assault on the city is planned.

UN Secretary General Antonio Guterres has said that a ground invasion of Rafah would be “intolerable” and called on Israel and Hamas “to go an extra mile” to reach a truce deal.

“This is an opportunity that cannot be missed, and a ground invasion in Rafah would be intolerable because of its devastating humanitarian consequences, and because of its destabilizing impact in the region,” Guterres told reporters on Monday ahead of a meeting with Italian President Sergio Mattarella in New York.

Jordanian Foreign Minister Ayman Safadi has also warned that Israel is “jeopardizing the deal by bombing Rafah.”

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News Network
May 6,2024

Bengaluru, May 6: Arrested JD-S MLA H.D. Revanna, the son of former PM H.D. Deve Gowda, on Sunday said that there is no evidence against him in the sex video scandal kidnapping case and that it was a "conspiracy" against him.

Talking to the media, while being taken for a medical test before being produced in front of a court here, Revanna stated that a kidnapping case had been lodged against him though he does not have 'one black mark' against him in his entire career of 40 years.

"Without evidence, I have been targeted... All allegations against me are false. My arrest has been made out of ill intention," he claimed.

"The case was lodged on April 28, then, they did not have any evidence. Later, the fake evidence was created on May 2 and I was fixed," he alleged.

Home Minister Dr G. Parameshwara stated on Sunday that a Blue Corner notice has already been issued against Revanna's son and MP Prajwal Revanna, the prime accused in the sex video scandal, as he is believed to be abroad.

"The Interpol will communicate to all nations and he will be located. Once he is located, the SIT will take a call on how he should be secured and brought back to India," he added.

Revanna was arrested on Saturday on charges of kidnapping one of the victims of the sex video scandal.

Parameshwara further maintained that the arrest of Revanna has saddened JD-S leaders and if action was not taken, the SIT would be blamed too.

Meanwhile, Congress President Mallikarjun Kharge refused to comment on the alleged sex video scandal involving Prajwal Revanna.

About Revanna's arrest, he said that the SIT would initiate action as per the law. "Those indulging in such acts must be taught a lesson and justice should be given to the families of victims. No one can escape the law. No one should use this case politically," he stated.

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