Tag: reliance

According to the report, the most prominent Market Players, namely Reliance, Amazon, Flipkart, want to help the retail outlets in their business. Some of them want to use these Kirana stores as last-mile delivery points while few want these retail outlets to buy their inventory, thereby pushing them to get rid of the traditional distributors. This step is made to help the economy grow and make India a secure place to do business. Mukesh Ambani, Chairman of Reliance Industries, has announced in his recent annual meeting that his vision is to make living better of around 12 million Kirana store people with the help of the technology. This will make the working pattern of these stores easy, i.e., managing their billing, margins, inventory and other related benefits. Reliance at present claims that they already have 25 lakh Kirana store people on-board, whereas Amazon and Flipkart have 23,000 and 17,000 Kirana store people respectively in their network.

Anil Ambani, owner of Reliance ADAG Group, has been sued by three Chinese banks for Rs 48.53 billion (680 million Dollar). These banks have said that Anil Ambani's closed company Reliance Communication had taken a loan of Rs 66.03 billion ($ 925.5 million) in 2012, which was defaulted in 2017.

The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China (Chinese Banks) have dragged Asia’s Richest man brother, Anil Dhirubhai Ambani to London court for his default of not paying back the loan amount of $680 million. ICBC lawyer told the court that $925.2 million loans were given to Reliance Communications Ltd which, Anil Ambani’s firm in the year 2012 on the condition that he will provide a personal guarantee. He added the firm made some payments, however, in 2017 they defaulted if paying the money. However, Anil, on the contrary, said that though he has agreed for a non-binding “personal comfort letter,” but he never guaranteed to ties his assets which is an “extraordinary potential personal liability.”