Reliance offers Amazon $20 billion stake in retail arm

News Network
September 10, 2020

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Bengaluru, Sept 10: Indian oil-to-telecoms conglomerate Reliance Industries is offering to sell a roughly $20 billion stake in its retail arm to Amazon.com Inc , BloombergQuint reported on Thursday, citing Bloomberg News.

The Bloomberg report, citing one unnamed person with knowledge of the matter, added that billionaire Mukesh Ambani-led Reliance is willing to sell an up to 40 per cent stake in the retail business to Amazon, according to BloombergQuint.

Shares in Reliance were up 4 per cent in midday trading in Mumbai. The company earlier on Thursday became the first listed Indian firm to cross $200 billion in market capitalisation.

Amazon has held talks about investing in Reliance Retail and expressed interest in negotiating potential deals, according to the report.

The news follows a $1 billion investment announced Wednesday by Silver Lake Partners in Reliance Retail, which runs more than 10,000 stores selling apparel, groceries and electronics across India.

Amazon did not immediately respond to a Reuters request for comment. Reliance did not immediately return an email seeking comment.

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News Network
May 12,2024

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Mangaluru: A native of Kerala was arrested on charge of misbehaving with crew on an Air India Express flight while travelling from Dubai to Mangaluru International Airport. The man even threatened to jump from the aircraft, according to officials. 

Siddartha Das, the security coordinator for Air India Express, lodged a complaint against the passenger, identified as Muhammad BC from Kannur, Kerala, after which he was caught by the airport security once the flight landed at Mangaluru. He was later handed over to the police.

DCP (Law and Order) Sidharth Goyal said the incident occurred on Flight IX814 on May 8.

When the flight was above the sea, Muhammad reportedly said he wanted to get off the plane, posing a threat to all on board. The unruly flyer was detained by airport security once the flight landed at Mangaluru International Airport and he was handed over to Bajpe police station officials.

Sources added once the flight took off from Dubai, the accused went to the lavatory and thereafter started inquiring with the cabin crew about a person named Krishna who was not on the flight. Muhammad kept on pressing the bell for in-flight assistance, even though the cabin crew members were near at hand. He then picked up a life jacket, gave it to a crew member, and said he wanted to use it upon landing.

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News Network
May 5,2024

Karwar, May 5: What commenced as a mere exchange of words between spouses swiftly transmuted into a calamitous ordeal, resulting in the heartbreaking loss of their innocent offspring. The heart-wrenching incident unfolded in the serene confines of Halamaddy village in the picturesque expanse of Dandeli, nestled within the idyllic expanse of Uttara Kannada district.

In the throes of a fervent dispute with her spouse, the aggrieved wife, succumbing to an overwhelming surge of emotions, callously propelled their tender six-year-old progeny into the somber depths of a nearby canal, thereafter alerting the local populace to her grievous act.

Promptly apprised of the distressing occurrence by concerned bystanders, the authorities were swiftly summoned to the scene to confront the harrowing aftermath.

Responding to the distress call, the diligent officers of Dandeli rural police swiftly converged upon the site where the innocent child had been cast into the unforgiving waters of the canal, subsequently effecting the retrieval of the child's lifeless form. 

Regrettably, it was discerned that a portion of the child's remains had been tragically claimed by the lurking jaws of a predatory crocodile.

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News Network
May 19,2024

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Mangaluru: Disgruntled BJP leader and former MLA K Raghupathi Bhat, who is contesting the legislative council election as an independent candidate from the South West Graduates constituency, said the BJP has adopted the “godfather culture” of the Congress.

Bhat told reporters here on Saturday, that he has not tried to appease any senior BJP leaders to get a party ticket to contest the MLC poll.

“I am contesting and seeking votes based on my achievements. My contesting may have a negative impact on the BJP. However, I want to go back to the BJP after winning this election,” Bhat said, and refused to answer the actual reason for the denial of a BJP ticket to him.

“I have no idea who played from behind that I was denied a ticket for the MLC poll.

Earlier, the BJP had a culture of selecting candidates for MLA and MLC polls by seeking the opinion of party workers at the booth level, followed by discussions at mandal and district levels.

Now the situation is such that even if one person’s name was sent from the state, the final list will be different. The godfather culture of the Congress has stretched into our party too. Only those who appease leaders get a ticket in the BJP. However, I have not appeased any leader. I believe in the support of party workers, and with this confidence I am contesting the election,” Bhat said.

To a query, Bhat said that he has not contacted by BJP leaders after deciding to contest the MLC poll.

“I have already requested all leaders that I should get the party’s Form B to contest the MLC poll from the South West Graduates constituency. I have told them that I am also contesting as an independent candidate on behalf of the BJP. The ultimate aim of my contesting the election is that senior leaders should know the injustice that honest party workers are facing in the BJP,” he said.

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