Budget 2018-19

  Future had agreed to sell its retail assets to Reliance, but the deal hit a roadblock after Amazon.com challenged it. Dallas-based 7-Eleven Inc (SEI) has signed an agreement with Reliance Retail Ventures (RRV) to launch convenience stores in India, days after Future Retail Ltd ended its deal with the US chain. The first 7-Eleven store will open on Saturday in Andheri, Mumbai. RRV said in a statement. It will then roll out more stores in neighbourhoods and commercial areas in the Greater Mumbai. “At Reliance, we pride ourselves in offering the best to our customers and we are proud to bring 7-Eleven, the globally trusted convenience store, to India,” said Isha Ambani, director,  Reliance Retail Ventures Limited . “India is the second largest country in the world and has one of the fastest-growing economies. It’s an ideal time for the largest convenience retailer in the world to make our entry into India” said SEI President and Chief Executive Officer, Joe DePinto. Earlier thi...

  The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August Market regulator SEBI gave a go-ahead on Wednesday to Future Group’s scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its “no adverse observation” report to the Rs 24,713-crore deal. The Securities and Exchange Board of India (SEBI) allowed the deal with some riders, five months after it was announced last August. ALSO READ:  Delhi HC rules Amazon’s attempt to control Future violative of FEMA FDI The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter. It has also held that SEBI’s go-ahead on the draft scheme of arrangement would...