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Reliance Industries (RIL) to Bring Tiffany & Company to India

Commenting on the partnership, Tiffany's Executive Vice President of Sales, Philippe Galtie, said: "As a global luxury jeweller with stores in many of the world's most important cities

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Tiffany in a statement said that it wants to open stores in Delhi in the second half of the financial year 2019-20, and in Mumbai during the second half of the next fiscal. Pixabay

Mukesh Ambani-led Reliance Industries (RIL) is set to bring Tiffany & Company to India, as RIL-arm Reliance Brands and Tiffany have announced a joint venture to open stores of the US-based luxury jeweller in the country.

Tiffany in a statement said that it wants to open stores in Delhi in the second half of the financial year 2019-20, and in Mumbai during the second half of the next fiscal.

Commenting on the partnership, Tiffany’s Executive Vice President of Sales, Philippe Galtie, said: “As a global luxury jeweller with stores in many of the world’s most important cities, Tiffany’s emergence in the Indian commerce centers with their growing luxury consumer presents a unique opportunity.”

Tiffany & Co, which was founded in 1837 by Charles Lewis Tiffany in New York City, has over 320 stores in more than 25 countries across the world.

Reliance, Industries, Tiffany
Mukesh Ambani-led Reliance Industries (RIL) is set to bring Tiffany & Company to India, as RIL-arm Reliance Brands and Tiffany have announced a joint venture to open stores . Pixabay

Darshan Mehta, President and CEO of Reliance Brands, said: “Tiffany needs no introduction in India, it is iconic and timeless. We look forward to bringing Tiffany’s renowned jewellery collections and superlative collections to India.”

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The tie-up comes as another major development for the company after Reliance Brands acquired the iconic British toy retailer Hamleys in July for a cash consideration of 67.96 million pound sterling. (IANS)

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Reliance Industries to Set Up Wholly-Owned Subsidiary for its Digital Platform Initiatives

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently

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Reliance, Industries, Subsidiary
RIL's digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn. Flickr

Reliance Industries on Friday said that it will set up a wholly-owned subsidiary for its digital platform initiatives with an investment of Rs 1.08 lakh crore.

Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India.

RIL’s digital platforms include the categories MyJio, JioTV, JioCinema, JioNews and JioSaavn.

The company said in a statement that the move will ensure that monetisation opportunities accrue to the shareholders efficiently.

Reliance, Industries, Subsidiary
Accordingly, the company’s move will lead to the creation of the largest digital services platform company in India. Wikimedia Commons

“There is no impact in the value pre and post reorganisation for any shareholder; There is no impact on the consolidated debt of RIL,” the RIL statement said.

The company further said that the move will not impact RIL’s standalone credit profile given its robust cash flows and conservative leverage.

RIL’s Chairman and Managing Director Mukesh Ambani said: “This new company will be a truly transformational and disruptive digital services platform. It will bring together India’s No.1 connectivity platform, leading digital app ecosystem and world’s best tech capabilities globally, to create a truly Digital Society for each Indian. Jio has been heralding the digital services revolution in India and will continue to do so in the years to come.

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“Given the reach and scale of our digital ecosystem, we have received strong interest from potential strategic partners. We will induct the right partners in our platform company, creating and unlocking meaningful value for RIL shareholders.” (IANS)