Reliance Acquired Furniture Retailer Urban Ladder
Reliance acquired furniture retailer Urban Ladder, know what is the size of this deal. Reliance Industries has acquired a 96 percent stake in online furniture retailer Urban Ladder.
RIL’s unit has done the deal for Rs 182.12 crore. “Reliance Retail Ventures Ltd (RRVL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Ltd for Rs 182.12 crore,”
Reliance Industries (RIL) told the stock exchanges late on Saturday. The said investment is equal to 96% of the total equity shares of the urban ladder.
The company has said, “This investment will strengthen the digital and new commerce initiatives of the group and will increase the scope of the products provided by the group.”
With this, there will be an increase in user engagement in the retail segment.
RRVL also has the option of acquiring the remaining stake and can increase its stake in the company to 100 per cent. other than this
RRVL has proposed another investment of Rs 75 crore.
“Investments can be made by December 2023,” the company said.
Urban Ladder was launched on 17 February 2012 in India.
Apart from online, the company also has a presence in offline channels and operates a chain of retail stores across the country.
Urban Ladder had a turnover of Rs 434 crore in the financial year. Also, the company had a profit of Rs 49.41 crore.
Mukesh Ambani-led company of the country’s richest person is rapidly expanding its e-commerce and retail business.
Through this, the company has tried to compete with Flipkart of Walmart and the Indian units of Amazon.com.
IRDAI extended electronic approval from consumers to life insurance companies by March 2021
The Insurance Regulatory and Development Authority of India (IRDA) has extended the facility for life insurance companies to electronically approve prospective policyholders by three months till March 31, 2021.
In view of the bottlenecks in normal business activities caused by the coronavirus epidemic.
The insurance regulator in August allowed life insurance companies to have electronic approval from consumers for net-risk products (policies that do not have a savings element) by 31 December on a pilot basis.
