Business & Economics

Biz News: Reliance Acquires Urban Ladder, Zomato Raises Millions From 6 Investors

BP World Bureau | Nov 16 2020 10:57:46 AM
Image credits: BP creatives

Reliance Retail Acquires Furniture Store Urban Ladder

Reliance Retail Ventures Limited (RRVL) acquired equity shares of Urban Ladder Home Decor Solutions Private Limited (UrbanLadder) for Rs 182.12 crore.

RRVL is a subsidiary of Reliance Industries Limited (RIL) and investment represents 96% holding in the equity share capital of UrbanLadder.

Added to that RRVL has the option of acquiring the balance stake, taking its shareholding to 100% of the equity share capital of Urban Ladder as per reports. 

Read: FM Announces New Stimulus Package: Vaccine Research, Tax Relaxations 

Zomato Raises $195 Million From 6 Investors

Zomato has raised $195 million (around Rs 1,455.40 crore) in funding from six investors.

The food delivery and discovery platform have received investment from Luxor and Kora, taking its valuation to $3.6 billion.

Info Edge, where Zomato is the investee, said in a regulatory filing that the transactions valued Zomato at a post-money valuation of $3.6 billion.

Air India To Raise Money To Repay Aircraft Debt

Air India is raising Rs 6,150 crore in short-term loans to repay its aircraft debt towards six Boeing 787 Dreamliners and one Boeing 777 as per reports. 

With this money, they will be able to refinance foreign currency bridge loans taken to buy seven Boeing 787 and 777 aircraft.

Read: Companies With Women In Management Outperform Male Counterparts: Sachs 

Entrepreneurs Borrowing From Agriculture Infrastructure Fund

Entrepreneurs are borrowing from the Rs 1 lakh-crore Agriculture Infrastructure Fund is the main reason behind annual spells of food inflation, especially in perishable food items like onions. 

Agriculture Infrastructure Fund was launched by  Prime Minister Narendra Modi on August 9th as part of the economic stimulus package, to help build assets aimed at plugging gaps in India’s food supply chain.

Investors want to fund in long-neglected post-harvest facilities, such as warehouses, cold chains, food grading-cum-sorting units, and processing units.

Indian Economy May Be Recovering Fast: Oxford Economics

Global forecasting firm Oxford Economics said that the Indian economy is seen recovering faster than expected. 

"Inflation is expected to average significantly above 6%  in the fourth quarter of the current fiscal," it said. 

In October, consumer inflation rose back to the scene before the COVID-19 outbreak. 

Almost every broad category other than fuel experienced a rise in prices and the high cost of vegetables and eggs pushed up retail inflation to 7.61%.