Reliance offers Amazon $20 billion stake in retail arm

News Network
September 10, 2020

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Bengaluru, Sept 10: Indian oil-to-telecoms conglomerate Reliance Industries is offering to sell a roughly $20 billion stake in its retail arm to Amazon.com Inc , BloombergQuint reported on Thursday, citing Bloomberg News.

The Bloomberg report, citing one unnamed person with knowledge of the matter, added that billionaire Mukesh Ambani-led Reliance is willing to sell an up to 40 per cent stake in the retail business to Amazon, according to BloombergQuint.

Shares in Reliance were up 4 per cent in midday trading in Mumbai. The company earlier on Thursday became the first listed Indian firm to cross $200 billion in market capitalisation.

Amazon has held talks about investing in Reliance Retail and expressed interest in negotiating potential deals, according to the report.

The news follows a $1 billion investment announced Wednesday by Silver Lake Partners in Reliance Retail, which runs more than 10,000 stores selling apparel, groceries and electronics across India.

Amazon did not immediately respond to a Reuters request for comment. Reliance did not immediately return an email seeking comment.

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News Network
January 8,2025

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Mangaluru: The Tannirbhavi beach stretch up to the forest department's Tree Park is on the brink of a remarkable transformation under the ‘One Beach, One Destination’ initiative. This ambitious project aims to elevate the beach into a top-tier tourist hotspot through comprehensive upgrades and strategic developments.

Deputy Commissioner Mullai Muhilan MP shared updates during a press briefing on Tuesday, revealing that fresh tenders have been floated for maintaining the main beach. The technical evaluation of tenders for the Tannir Bhavi Blue Flag Beach is nearing completion, with the financial bids set to open shortly. “We are pleased to see major players participating in the tender process,” the DC remarked.

For the main beach, the maintenance contract will span 10 years. Meanwhile, the Blue Flag Beach’s successful bidder will face a progressive financial model—starting with a Rs 50 lakh payment in the first year, escalating to Rs 2 crore by the 10th year, alongside a minimum 5% revenue share for the administration. “Upon completion of the development, the beach will feature continuous activities to enhance its appeal,” he added.

Approximately 90% of the beach’s development work is already complete. Eco-friendly initiatives such as waste management systems and solar installations are operational at the Blue Flag Beach. While entrance work by Mangaluru Smart City Limited is ongoing, the beach remains accessible to the public. Entry fees, set in accordance with Blue Flag guidelines, aim to support sustainable maintenance efforts.

The ‘Blue Flag’ certification represents a global standard in eco-tourism, ensuring clean bathing water, state-of-the-art amenities, safety measures, and sustainable development. Karnataka’s Padubidri and Kasarkod beaches are among the few in India to hold this prestigious certification.

Mangaluru Smart City Limited is spearheading the development of the 1.8-acre area, with an investment of approximately Rs 16 crore. Once completed, the Tannirbhavi Beach is expected to stand out as a vibrant and eco-friendly destination, drawing tourists and locals alike.

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News Network
January 9,2025

Udupi: In a shocking case of cyber fraud, a 38-year-old woman from Karkala in Udupi district, has reportedly lost Rs 24 lakh to a digital arrest scam. The victim, Preema Sheril D'Souza, fell prey to a fraudulent scheme orchestrated through fake calls and threats.

According to the complaint filed, the incident unfolded on Tuesday when Preema received a call at 12:30 pm from an individual claiming to represent the Delhi Telecom Department. The caller alleged that another SIM card had been purchased using her Aadhaar number and was being used for illegal activities in Uttar Pradesh, leading to multiple cases being registered against her.

To add credibility to the scam, the caller arranged a video call where a person dressed as a police officer introduced himself as a CBI official. This individual instructed her to cooperate with the "investigation" and warned her not to disclose the matter to anyone. The scammer also issued threats, claiming that harm would come to her husband and child if she failed to comply.

Under duress, Preema was coerced into sharing her bank account details and transferring a staggering Rs 24 lakh to accounts specified by the fraudsters. She transferred Rs 14 lakh to an account in Federal Bank and Rs 10 lakh to an account in Yes Bank via RTGS from her Fixed Deposit account. The threats of an arrest warrant further pressured her into complying with the scammers' demands.

Upon realizing the fraud, she reported the incident to the authorities. A case has since been registered at the Karkala Rural Police Station, and investigations are underway.

This incident serves as a critical reminder to stay vigilant against such scams. Individuals are advised to verify the identity of callers and refrain from sharing sensitive information or transferring money without proper authentication. If you encounter similar fraudulent activities, report them immediately to the police or cybercrime cell.

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News Network
January 4,2025

Mangaluru: Dakshina Kannada MP Captain Brijesh Chowta met Union Home Minister Amit Shah in New Delhi on Friday to discuss key issues affecting the security and development of the region. The meeting highlighted several urgent concerns, ranging from counter-terrorism measures to infrastructure upgrades.

During the meeting, Chowta strongly advocated for establishing a National Investigation Agency (NIA) Centre in Mangaluru. He pointed out the city’s vulnerability to threats such as Islamic radicalisation, sleeper cells, and the activities of groups like SDPI and PFI. Citing the unrest during the Citizenship Amendment Act (CAA) protests, Chowta emphasized the ability of radical groups to incite large-scale disruptions. He argued that Mangaluru’s strategic coastal location necessitates an NIA Centre to bolster counter-terrorism operations and ensure regional security.

Chowta also discussed the Indian Coast Guard Academy, sanctioned for Mangaluru in 2020. He highlighted its potential to enhance India’s maritime security through advanced training in coastal defence, disaster response, and surveillance. Situated near the Arabian Sea and Mangalore Port, the academy is strategically positioned to address challenges in regions like Lakshadweep and the Maldives, aligning with India’s geostrategic interests.

The MP proposed the establishment of a Sainik School in Mangaluru to nurture leadership, discipline, and patriotism among local youth. He emphasized that such an institution would not only provide quality education but also act as a feeder for the armed forces, enhancing the region’s defence readiness. Chowta suggested pairing the school with a military installation, further strengthening coastal defence capabilities and supporting national security goals.

Addressing infrastructure, Chowta underscored the need to improve the Mangaluru-Bengaluru railway and road networks. He argued that enhanced connectivity would unlock the region’s economic potential, streamline logistics for New Mangalore Port, and support key industries such as fisheries, agriculture, and manufacturing. Additionally, upgraded infrastructure would boost trade, tourism, and employment opportunities.

On economic development, Chowta urged the revival of cooperative banks under the Ministry of Cooperatives. He proposed increased funding and loan facilities for businesses and farmers to enhance financial inclusion and regional economic stability. Strengthening fisheries cooperatives, he noted, would provide local fishermen with better access to financial services, loans, and insurance, improving productivity and security.

The MP’s discussions reflected a comprehensive vision for balancing security, infrastructure, and economic growth in Dakshina Kannada, aligning with both regional and national priorities.

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