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PM Modi opens first Greenfield industrial smart city in Aurangabad

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Aurangabad: Prime Minister Narendra Modi Saturday inaugurated the 10,000-acre Aurangabad Industrial City (AURIC), the country’s first greenfield industrial smart city and part of the upcoming Delhi-Mumbai industrial corridor, near here.
He also inaugurated the Auric Hall, a six-storey building which will be both monitoring and administrative nerve centre for smart city, and launched the Auric chatbot that will help anyone get their problems addressed by the city administration.

The city in the backward Marathwada region is billed as the country’s first greenfield industrial smart city, which has been developed as part of the Delhi Mumbai industrial corridor, where the government is attempting to fasten up industrial growth between two of the nation’s biggest cities.

Modi, who arrived here from Mumbai, visited an exhibition of handicraft wares made by women self-help groups, accompanied by chief minister Devendra Fadnavis and his ministerial colleague Pankaja Munde.

He also handed over an LPG connection to the 8th crore beneficiary under the Ujjwala scheme, which has reportedly paid BJP rich dividends politically, to one Ayesha Sheikh Rafiq from the city.He also gave away a similar LPG connection to one Nargis Begum, who was brought in from the troubled Kashmir for the same by the administration.

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New York-based General Atlantic to invest Rs 3,675 crore in Reliance retail ventures.

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Reliance Industries Limited and Reliance Retail Ventures Limited (RRVL) on Wednesday announced that General Atlantic, a leading global growth equity firm, will invest Rs 3,675 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore. General Atlantic’s investment will translate into a 0.84% equity stake in RRVL on a fully diluted basis.

This marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am pleased to extend our relationship with General Atlantic as we work towards empowering both merchants and consumers alike, and ultimately transforming Indian Retail. Like Reliance Retail, General Atlantic believes in the fundamental ability of digital enablement to drive progress, growth, and inclusion across India and the world. We look forward to leveraging General Atlantic’s extensive expertise at the intersection of technology and consumer businesses, and two decades of experience investing in India, as we create a disruptive New Commerce platform to redefine retail in the country.”

Bill Ford, Chief Executive Officer of General Atlantic, said, “General Atlantic is thrilled to be backing Mukesh’s New Commerce mission to drive substantial positive change in the country’s retail sector, which goes hand-in-hand with his vision to enable a Digital India through the work of Jio Platforms. General Atlantic shares Reliance Industries’ foundational belief in the power of technology to foster transformative growth, and we are excited by the immense potential of the full Reliance ecosystem. We are honored to again be partnering with the Reliance team to meaningfully accelerate India’s position in the global digital economy.”

On September 23, global investment firm KKR announced to invest Rs 5,550 crore into RRVL. The investment by KKR will translate into a 1.28 per cent equity stake in RRVL.

RRVL is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs 162,936 crore ($ 21.7 billion) and net profit of Rs 5,448 crore ($ 726.4 million) for the year ended March 31, 2020.

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