India Business News Headlines – The readymade retailer of apparel, Lifestyle, is planning to invest around ₹ 200 crores to add about 20 new stores in the next one and a half year, as it aims at a 16%-18% growth.
ONGC has used its internal resources to repay about ₹ 24,881 crore loan, that it had taken from HPCL and is not looking to sell its stake to Indian Oil and GAIL. ONGC had earlier taken approval from the Government to sell 13.77% stake in Indian Oil and 4.86% stake in GAIL to help HPCL in its ₹ 36,915 crore acquisition.
Vedanta is looking to increase its investment by $2.3 billion towards its oil and gas activities to increase the base by about 375 million barrels. Currently, the production is 200,000 barrels per day and it aims to increase it to 300,000 barrels per day over the next 5 years.
In order to challenge the dominance of Flipkart and Amazon in India’s e-commerce market, Alibaba Group is planning to invest $5 billion to acquire a large stake Reliance Retail Ltd and to form a mega retail Indian Joint Venture.
Amazon is planning to team up with Goldman Sachs and Samara Capital, to acquire Aditya Birla Group’s food and grocery supermarket chain “More” at a valuation of ₹4,500-5,000 crore. Samara and Aditya Birla Retail Ltd signed an “exclusivity” agreement at the end of June for bilateral negotiations.
Dominos Pizza is planning to swap its tie-up with Coke for PepsiCo, resulting in at an end of 20 years of exclusive deal with Coke in the country.
After an exclusive deal with Coke in the country, Emami has stepped back from the acquisition of GSK’s Horlicks and Kraft Heinz’s Complan and Glucon-D and decided to defer its entry into the food space.
Within a week of removing all its content from Jio, over a price disagreement, Zee Entertainment Enterprises entered into a partnership with Bharti Airtel for 3 years.