Reliance Retail second fastest-growing retailer in the world amid pandemic

News Network
May 9, 2021

Billionaire Mukesh Ambani's Reliance Retail Ltd has been ranked second fastest-growing retailer in the world in the 2021 ranking of global retail power houses by Deloitte, down from top rank secured the previous years.

It has been ranked 53rd in the list of Global Powers of Retailing, improvement from 56th earlier, according to the Deloitte report.

The list is topped by US giant Walmart Inc, which retains its position as world's top retailer. Amazon.com Inc improved its position to rank second. Costco Wholesale Corporation of US slipped a rank to be placed third followed by Schwarz Group of Germany.

The top 10 has seven US retailers and one from the UK (Tesco PLC at 10th position). Other US retailers in the top 10 include The Kroger Co (ranked 5th), Walgreens Boots Alliance, Inc (6th) and CVS Health Corporation (ranked 9th). Germany's Aldi Einkauf GmbH & Co. oHG and Aldi International Services GmbH & Co. oHG is placed at 8th position.

Reliance Retail is the only Indian entry in the global list of 250 retailers. It features consecutively for the 4th time in the list of Global Powers of Retailing and World's Fastest Retailers.

"Reliance Retail, last year's Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8 per cent, driven primarily by a 13.1 per cent increase in the number of stores in its consumer electronics, fashion and lifestyle and grocery retail chains, to 11,784 stores across 7,000+ towns and cities in India at fiscal year end (FY20)," Deoitte said.

E-commerce, it said, is a second growth driver, through both digital commerce (B2C) and B2B.

"The company is partnering with WhatsApp to further accelerate Reliance Retail's digital commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp," it said. "Reliance Retail acquired the 29 stores of Shri Kannan Departmental Store at the end of FY2019, and in August 2020 announced it would acquire Future Group's retail, wholesale and logistics units for $3.4 billion."

When fully approved, the deal will almost double Reliance Retail's store space.

Reliance Retail also made two e-commerce acquisitions in 2020, buying Vitalic Health and its online pharmacy platform Netmeds in August, and a 96 per cent stake in online home decor company UrbanLadder in November.

On global outlook, Deloitte said in the early months of 2021, the world was faced with both promise and peril.

"On the positive side, the distribution of vaccines for Covid-19 was under way, offering the promise that, sometime later in the year, the negative impact of the virus could abate significantly. On the negative side, the virus continued to threaten economic stability, especially in those parts of the world where it was still prevalent and threatened to be a problem elsewhere if new and virulent strains of the virus were spread widely".

Even in places where the outbreak was limited, there was a negative economic impact from social distancing measures to avoid a further outbreak, it said adding the challenge for policymakers was to control the current outbreak, protect those who have been disrupted by it, and speed up the distribution of approved vaccines.

The speed and success of these three imperatives will determine the path of the global economy in the year ahead, it added. 

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News Network
November 14,2024

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Bengaluru: The Prime Minister Narendra Modi led union government has requested the Karnataka High Court to direct the Mandya district administration and the state government to clear a madrasa operating within the premises of the historic Jama Masjid in Srirangapatna.

The Waqf Board, opposing this move, has claimed the mosque as its property and defended the right to conduct madrasa activities there.

The matter was brought before a division bench headed by Chief Justice N V Anjaria following a public interest litigation filed by a person named Abhishek Gowda from Kabbalu village in Kanakapura taluk. The petition alleged “unauthorised madrasa activities” within the mosque.

Representing the Central government, Additional Solicitor General of India for High Court of Karnataka, K Arvind Kamath argued that the Jama Masjid was designated as a protected monument in 1951, yet unauthorised madrasa operations continue there.

He noted that concerns over potential law and order issues have so far prevented any intervention. Kamath urged the court to direct the Mandya district administration to take action and vacate the madrasa from the mosque.

In defence, lawyers for the state government and the Waqf Board contested this request, stating that the Waqf Board had been recognised as the owner of the property since 1963 and, thus, conducting madrasa activities there is lawful.

After hearing both sides, the bench adjourned the case for further arguments, scheduling the next hearing for November 20.

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News Network
November 13,2024

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New Delhi: The Supreme Court took a firm stance on ‘bulldozer justice’ today, affirming that the Executive cannot bypass the Judiciary and that the legal process must not prejudge the guilt of an accused. In a significant judgment, the bench led by Justices BR Gavai and KV Viswanathan set new guidelines for demolition practices, responding to petitions challenging the controversial bulldozer actions taken against individuals accused of crimes.

The rise of this practice, termed 'bulldozer justice,' has seen authorities in various states demolish what they claim to be illegal structures belonging to accused individuals. However, multiple petitions questioned the legality and fairness of this approach, bringing the matter before the court.

Justice Gavai highlighted that owning a home is a cherished goal for many families, and an essential question was whether the Executive should have the authority to strip individuals of their shelter. “In a democracy, the rule of law protects citizens from arbitrary actions by the state. The criminal justice system must not assume guilt,” stated the bench, underscoring that due process is a fundamental right under the Constitution.

On the principle of separation of powers, the bench reinforced that the Judiciary alone holds adjudicatory powers and that the Executive cannot overstep these boundaries. Justice Gavai remarked, “When the state demolishes a home purely because its resident is accused of a crime, it violates the doctrine of separation of powers.”

The court issued a strong warning about accountability, stating that public officials who misuse their power or act arbitrarily must face consequences. Justice Gavai observed that selectively demolishing one property while ignoring similar cases suggests that the aim might be to penalize rather than enforce legality. “For most citizens, a house is the product of years of labor and dreams. Taking it away must be an action of last resort, thoroughly justified,” he said.

In its directives under Article 142 of the Constitution, the Supreme Court established new demolition guidelines. These include:

Mandatory Show-Cause Notice: No demolition should occur without first issuing a show-cause notice. The person served has a minimum of 15 days or the duration stated in local laws to respond.

Transparency of Notice Content: The notice must include specifics about the alleged unauthorized construction, the nature of the violation, and the rationale for demolition.

Hearing and Final Order: Authorities are required to hear the response of the affected individual before issuing a final order. The homeowner will have 15 days to address the issue, with demolition proceeding only if no stay order is obtained from an appellate authority.

Contempt Proceedings: Any breach of these guidelines would lead to contempt proceedings. Officials who disregard these norms will be personally accountable for restitution, with costs deducted from their salaries.

Additionally, the court mandated that all municipal bodies establish digital portals within three months, displaying show-cause notices and final orders on unauthorized structures to ensure public transparency and accountability.

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News Network
November 18,2024

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Mangaluru: The Ullal police have arrested Manohar, the owner of Vazco Beach Resort, and its manager Bharath in connection with the drowning of three college girls from Mysuru at the resort’s swimming pool on November 17.

City Commissioner of Police Anupam Agrawal confirmed the arrests, stating that a case has been registered under Section 106 of BNS. The bodies of the victims, all in their twenties, have been handed over to their parents. The women had arrived at the resort for a weekend getaway on November 16.

Following the tragic incident, the resort was sealed by officials led by Mangaluru Assistant Commissioner Harshavardhan. The trade license of the resort, issued on June 13, 2024, has been suspended, and the tourism department has temporarily revoked the resort's registration. These actions prohibit the resort from engaging in any tourism-related activities until further notice.

Someshwara TMC Chief Officer stated that the suspension was due to the resort's failure to implement adequate safety measures, which resulted in the loss of three lives. Further investigations are underway.

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