Reliance to buy Metro AG's India biz for €500 Mn🏬; BYJU's ropes in Messi⚽; SBI beats RIL in Q2📈
Reliance to buy Metro AG's India biz for €500 Mn🏬; BYJU's ropes in Messi⚽; SBI beats RIL in Q2📈
Reliance to buy Metro AG’s India biz, Lionel Messi becomes global brand ambassador, SBI beats RIL to become most profitable company in Q2, Funding Deals and more.
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Reliance to buy Metro AG’s India biz for €500 million🏬
Reliance Industries is set to acquire German retailer Metro AG’s Cash & Carry business in India in a deal estimated at around €500 million ( ₹4,060 crores).
The deal includes 31 wholesale distribution centres, land banks and other assets owned by Metro Cash & Carry.
This will help Reliance Retail, the country’s largest retailer, expand its presence in the B2B segment.
In July 2020, e-commerce major Flipkart Group acquired a 100% stake in Walmart India Pvt. Ltd, which operates the Best Price cash-and-carry business.
Metro AG, which operates in 34 countries, entered the Indian market in 2003.
Lionel Messi becomes global brand ambassador of BYJU's 'Education For All'⚽
Edtech major BYJU's has roped in ‘Leo’ Messi as the first global brand ambassador of its social impact arm Education For All.
Messi, who plays for Paris Saint-Germain and captains the Argentinian football team, has signed an agreement with BYJU'S to promote the cause of equitable education, BYJU'S said in a statement.
BYJU's engagement with Messi will enhance the visibility of the edtech firm overseas as football has roughly 3.5 billion fans worldwide, and Lionel Messi has a social media following of nearly 450 million.
Earlier this year, BYJU's also became the official sponsor of the FIFA World Cup 2022 in Qatar.
Hot Shorts⚡
Upskilling platform AlmaBetter has raised $2.7 million in a seed round from Kalaari Capital and others. Angel investors and founders include Vidit Aatrey, Sanjeev Kumar, Rajesh Yabaji, Varun Alagh, and Rahul Dalmia.
BattRE a two-wheeler electric mobility startup has raised undisclosed capital in its seed funding round from a group of investors led by Agility Ventures along with former Tata Motors’ top executive, Gajendra Chandel.
With ₹14,752 cr net, SBI beats RIL to become most profitable company in Q2📈
The country's largest lender State Bank of India has become the country's most profitable firm with a consolidated net income of ₹14,752 crores in the September quarter of FY23, thus surpassing Mukesh Ambani's Reliance Industries, which reported net earnings of ₹13,656 crores.
State Bank of India (SBI) reported a net profit ₹13,265 crores on a standalone basis, beating Reliance Industries which remained the most profitable corporation for decades.
While, SBI's standalone net soared 74% to ₹13,256 crores in the July-September quarter, making this the best-ever quarterly numbers for the bank and beating other profitable companies by a wider margin.
On a half-yearly basis, Reliance remains the most profitable firm with ₹31,611 crores in net as against SBI's ₹22,077 crores.
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