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Flipkart picks up 7.8% stake in ABFRL

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Flipkart picks up 7.8% stake in ABFRL

Aditya Birla Fashion and Retail Ltd (ABFRL) on Friday stated it’s miles elevating ₹1,500 crore from Flipkart Group, the proceeds of which the organisation will use to bolster its stability sheet and boost up increase. Flipkart Group will very own 7.8% fairness stake in ABFRL on a totally diluted foundation with this infusion.

ABFRL authorised the elevating of ₹1,500 crore with the aid of using manner of preferential problem to Flipkart Group. The fairness capital could be raised at ₹205 in keeping with share, the organisation stated in a submitting to the exchanges.

The promoter and promoter institution agencies of ABFRL will preserve approximately 55.13% upon finishing touch of the issuance.

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Shares of ABFRL jumped 3.five% on Friday following the news.

ABFRL has a community of 3,004 shops, with presence throughout 23,seven-hundred multi-emblem outlets. It operates garb manufacturers consisting of Van Huesen, Louis Philippe, Allen Solly, and Peter England, other than the Pantaloons retail format.

“This partnership is an emphatic endorsement of the increase capability of India. It additionally displays our sturdy conviction withinside the destiny of the garb enterprise in India, that’s poised to touch $a hundred bn withinside the subsequent five years,” stated Kumar Mangalam Birla, chairman, Aditya Birla Group.

“Over the years, we’ve formed ABFRL right into a sturdy platform to seize destiny increase possibilities in India. This partnership is a important aspect of that method,” he added.

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Fashion retail in India is about for strong long-time period increase because of sturdy basics of a big and developing center class, favorable demographics, growing disposable earning and aspiration for manufacturers, Birla stated, including fast increase of era infrastructure will in addition boost up this process.

As a part of the transaction, Walmart-sponsored Flipkart Group will beef up the variety of manufacturers supplied on its e-trade structures Flipkart and Myntra, deepening its partnership with ABFRL, and improving the variety of top class global and Indian manufacturers on offer.

ABFRL will chart a “virtual transformation method with the intention to deepen the purchaser join of its manufacturers, enlarge attain of its numerous emblem portfolio, construct sturdy omni-channel functionalities and increase its backend capabilities…” the organisation stated.

Covid has pressured numerous big offline shops to relook at their corporations that in large part depend on asset-heavy retail shops at a time whilst consumers are rapidly transferring on line. This has induced numerous conventional shops to sew partnerships with on line shops as they combat the developing prominence of on line retail.

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Earlier this year, Flipkart Group sold a minority stake in Arvind Fashions Ltd’s subsidiary Arvind Youth Brands for Rs260 crore. The flow will permit Arvind to enlarge its denim emblem, Flying Machine, on line and in India’s smaller markets.

Tap To Explore More : Financial Express

Also Read : US ELECTION WRAP, OCT 22: TRUMP, BIDEN TO SQUARE OFF IN FINAL DEBATE; OBAMA BACK ON CAMPAIGN TRAIL

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Tollywood

HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

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HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

In conversation with Hindustan Times, Teja Sajja decodes the success of HanuMan and other Telugu films, talks about his upcoming projects, and more.
When Prasanth Varma’s superhero film HanuMan, starring Teja Sajja, was announced to be released alongside big films like Mahesh Babu’s Guntur Kaaram, Venkatesh’s Saindhav and Nagarjuna’s Naa Saami Ranga in January this year, no one expected the underdog to emerge on top. And yet, the film, made on a budget of under ₹50 crore, managed to collect over ₹300 crore at the box office worldwide in 25 days, becoming one of the highest-grossing Indian films for the year. (Also Read: Ranveer Singh met HanuMan actor Teja Sajja, complimented him even after his Prasanth Varma film Rakshas got shelved)

Ask Teja about the moment he realised his film had not just fought against the tide but also risen to the top; he tells Hindustan Times in an exclusive conversation, “Since I returned to acting (as a lead actor after being a child artiste since 1998), this is the moment I’ve been waiting for. When everything from the HanuMan teaser to the songs was grabbing attention, we knew we had hit a gold mine. But I don’t think we imagined it would cross the ₹300 crore threshold. We were so satisfied with the opening numbers; everything else was a bonus.”

‘Success has given me fear of disappointing people’

Teja acted in Zombie Reddy, Ishq and Adbhutham before HanuMan, but they are what you would call ‘critical successes’, adding to his repertoire as an actor who can perform. But things have changed for him now, says Teja, who is being picky about the roles he says yes to. “Success either makes you overconfident or gives you the fear of disappointing people; I have the latter,” he explains.

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Teja admits he wants to chart out his career in Hrithik Roshan’s footsteps, but not in the way you think. “I have such a fondness for Hrithik due to Koi Mil Gaya and Krrish. No matter how well he performed after that, these left a lasting impression on me; I’m sure 90s kids will agree,” he says, adding, “Similarly, I’ve realised that I have an audience in children now. I want to be conscious of that when I pick roles. I want to make films families can enjoy together.”

But despite people in places like Mumbai or Delhi recognising him, Teja says he’s clear that he wants to cater to the Telugu audience first. “I am conscious that I am making films for my playground – the Telugu states. This is the sensibility I have grown up with, and I don’t know if I can cater to everyone else. Will I promote my films in other languages? Sure. But I also can’t be part of films that aren’t authentic to what I know or understand,” he explains.

‘Rootedness has put us on the world map’

And authenticity seems to be the need of the hour. Be it Baahubali and RRR or the recently released Pushpa 2: The Rule, Kalki 2898 AD and Devara: Part 1, certain kind of stories seem to be finding success. “Rootedness and going local is proving to be such a boon for us, be it in Devara or Pushpa or HanuMan. Kalki 2898 AD was our version of a Hollywood film (the sci-fi concept) with actors from across languages in predominant roles; it put us on the world map,” reflects Teja.

However, the actor admits Tollywood went through a phase of Bollywood-inspired rom-coms and family dramas that worked in their favour for a while. “That wasn’t easy to replicate either, but it’s just that these local stories are what the audience seems most interested in now. It can’t just be chalked up to religion, too. It’s about the morals these films are hinged on, the fighting for righteousness, and how an underdog can find their strength. Introducing Mahabharata or Ramayana to a new audience in a cool way is just a perk,” he says.

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And it’s this rootedness that Teja says his next films, Mirai and Jai Hanuman (the sequel to HanuMan), will also have ample of. “Mirai is also a superhero film that caters to kids, but it’s not an origin story like HanuMan. It has a pan-Asian and Buddhist touch because the story is based on King Ashoka’s ideologies. I hope that I will get to deliver something new to the audience again. I will only feel like I’ve arrived if Mirai is equally, if not more, successful,” says Teja.

Rishab Shetty will headline Jai Hanuman, but Teja also looks forward to shooting that. “I can’t wait to be on that set; it’ll be exciting. Now that we know India is ready to watch our films, I want to step it up. I want to shift gears and shoot for at least two films in 2025,” he says. As for what he will do next, Teja says he wants to up the ante. “When I got a SIIMA award for Zombie Reddy as a debutant, I remember telling Prasanth this would be the last award I get. But now that I won a Radio City Cine Award for Best Actor, I hope more awards will follow,” he signs off cheekily.

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