Archive for September, 2012

Stuart Weitzman Partners With Reliance Brands and sets its Foot In India

September 28, 2012

Reliance Brands embarks upon a deal with Stuart Weitzman, top notch New York based designer footwear that makes the brand available to Indian masses at its store. The spring summer of 2013 will witness the launch of this brand in India in its stores in Delhi and Mumbai. The price range may vary anywhere from Rs.25, 000 to Rs.75, 000.

Stuart Weitzman has been one of the most sought -after brands and a veteran in the footwear designing industry for the last 25 years. Celebrities like Angelina Jolie, Jennifer Aniston, Eva Mendes, and Reese Witherspoon have sported Weitzman’s style. The shoes are truly priceless with them being made from 24-karat gold at times. Other materials like cork, wallpaper, Lucite, and vinyl have been used to manufacture these shoes.

Reliance Brands, a subsidiary of Mukesh Ambani led Reliance Industries, has announced a spate of collaborations with the leading international brands lately, taking the plunge to introduce a sea change in the Indian fashion industry. At present, it has roped in some big brands like Quicksilver, Kenneth Cole, Brooks Brothers, Steve Madden, Paul & Shark, Ermenegildo Zegna by inking a partnership with them.

Speaking about this collaboration with Reliance Group, Stuart Weitzman claims that Reliance is a dominant player in the country with a huge potential to tap the retail segment. He mentioned that this partnership is a part of their global expansion strategy that will enable them to set their foot in a country like India, a major strategic region of the world entailing a swelling demand for their products. He also deems India to be one of its key long-term markets in the world.

Dashan Mehta, President, and CEO of Reliance Brands stated that Stuart Weitzman brand has a global following owing to the use of unique materials and the emphasis it lays on detailing. He has won hearts of women by comprehending the intimate relationship between her and her shoes with a minimalist approach. He also stated that he is delighted to offer Stuart Weitzman brand an opportunity to leverage its position globally by opening its doors for them in India. This partnership will pave way for a global trend across the region.

Reliance Brands has been targeting the modern India that has a fondness for international brands. This fiscal, Reliance Brands will have a display of more than 100 stores of global brands and will enable it to attain a feat that will set it apart in India’s luxury and high end retailing space.

Allahabad High Court Relieves RIL from the Payment of VAT

September 10, 2012

Reliance Industries Limited (RIL) could finally breathe a sigh of relief when the Lucknow Bench of Allahabad High court declared that the state government cannot levy Value Added Tax (VAT) from private companies dealing with the interstate transactions of natural gas in the state, overruling the state government‘s earlier order advocating the imposing of VAT on trading of natural gas supplied by RIL from Andhra Pradesh to UP via Gujarat.

India ‘s largest private sector enterprise , RIL led by Mukesh Ambani won this case after two years of continuous battling with the court. The court deemed this act to be a blatant abuse of power and ordered the state government to refund the VAT that they have procured from the company during the course of two years. On 27 June 2010, Mukesh Ambani headed RIL had filed a writ petition claiming that the state government was not doing justice by imposing VAT for the sale of gas when it is an interstate transaction (under section 3 of the CST act), considering the fact that the company was already paying central tax.

The government has monetized around Rs.1,100 crore as VAT that has burdened the company excessively, especially at a time when these companies were in need of strong financial reserves , owing to a sluggish economy. The panel of judges comprising of Devi Prasad Singh and Devendra Kumar Upadhyaya corroborated the fact that this transaction was an inter- state one contradicting the Uttar Pradesh Government’s claim that it was an intra- state one.

RIL defended its case mentioning that it sold the D6 gas bought from the offshore reservoir to people in Andhra Pradesh, Gadimoga. Besides, Reliance Gas Transportation Infrastructure Ltd and Gail (India) Ltd owned pipelines were used by consumers for the transportation of this gas to the units in UP . The court realized the significance of interstate trade to augment the integrity of the country and enables the state to have access to necessary goods at reasonable prices and declared that it would be a travesty of justice if RIL is not refunded the tax procured by the state government in the name of VAT act.

MukeshAmbaniTo Bring Football to the Fore In India

September 5, 2012

MukeshAmbani, Chairman, and CEO of RIL (Reliance Industries Limited) has been keen on tapping the football potential in the country and hasintroduced several measures to accomplish the same.IMG – Reliancerecently formulated Vision 2026, a roadmap to guide its voyage to be a champion in the 2026 world cup. It has also announced free donation of its township to create a national football academy in Vadodara that will be at par with the international standards. IMG- Reliance is the commercial and marketing partner of AIFF (All India Football Federation). RIL opines that the academy will be benefited with the township already having four to five football grounds there. It also intends to enhance the standards of the Indian football stadium to an extent that it will be capable of hosting international events. For the same, RIL deems to work from the grass root level.

All these initiatives and efforts already seem to be paid with the FIFA secretary –general visiting India to meet MukeshAmbani and PavanMunjal. It will be a four-day visit starting on Wednesday for Valcke and Thierry Regenass, FIFA Director of Member Associations and Development. They will also meet Indian Sports Minister, Ajay Maken with the objective of procuring support from India for the U-17 World Cup. FIFA in charge has also given a go ahead for India hosting the U-17 World Cup in 2017.

Considering the fact that MukeshAmbani and PavanMunjal are passionate about encouraging sports in India and have financially contributed a lot to the same, FIFA officials may want to meet them to gain their support for future projects.Valcke will assess the ‘Win in India with India’ initiative that has already set the ground for building a technical center in Mumbai and eight turf pitches in Mumbai, Shillong, Imphal, Bangalore, Kolkata, Pune and Goa with the World Football Governing Authority infusing $8 million for this construction. This visit will mark 50 years since India won its second and last gold medal, until date in the Asian Games Football Tournamentand75th year of AIFF’s foundation.