Hi and welcome to quick look, i am your host -Siddharth.
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has acquired Future Group’s retail and wholesale business, and logistics and warehousing business for ₹24,713 crore.
As part of the deal, the retail and wholesale undertaking businesses are being transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL.
Further, the logistics and warehousing undertaking is being transferred to RRVL, and RRFLL also proposes to invest about ₹1,200 crore in the preferential issue of equity shares of FEL to acquire 6.09 per cent of post-merger equity.
A massive data breach has been reported at Paytm Mall by global cyber security firm Cyble.
According to the report, hacker group John Wick was able to gain unrestricted access to the entire database of Paytm Mall and has demanded ransom in exchange of the information. It has been able to gain unrestricted access to their entire databases.
Paytm Mall spokesperson said there was no data breach or hack.
Prime Minister Narendra Modi on Sunday called upon startups and entrepreneurs to “team up for toys”, as he noted India’s miniscule share in the global toy market of over Rs 7 lakh crore and asserted that the country has talent and ability to become a hub for the industry.
Until next time, this is Siddharth signing off.
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