logo
With Kelvinator buy, Reliance eyes bigger share in India's growing appliances sector

With Kelvinator buy, Reliance eyes bigger share in India's growing appliances sector

Reliance Retail has acquired consumer durables brand Kelvinator from the Electrolux Group, which pegged the transaction value at SEK 180 million (nearly Rs 160 crore). This move underscores the Indian retail giant's ambition to strengthen its foothold in the fast-growing but highly competitive home appliances market.
Kelvinator, once a prominent brand, pioneered electric refrigeration for home use globally. It entered the Indian market in 1963 and became a prominent brand in the 1970s and 1980s. Kelvinator held a big share in the Indian market until the 1990s liberalization saw the entry of global giants like LG and Samsung that quickly surged ahead.
Kelvinator also witnessed ownership changes -- from Electrolux to Whirlpool -- and due to intense competition and declining investment by its owners, the brand's market presence faded. In India, the Kelvinator brand was revived in 2019, when Reliance signed a licensing, manufacturing, marketing and distribution deal with Electrolux.
Now, with the acquisition of the Kelvinator name, Reliance aims to re-establish its presence in one of the fastest growing market for white goods in the world. India's consumer goods market could nearly double to Rs 3 lakh crore ($34.8 billion) by 2029, according to an EY report.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Inking of India-UK trade pact, ties with Maldives focus of PM Modi's visit this week
Inking of India-UK trade pact, ties with Maldives focus of PM Modi's visit this week

Indian Express

time10 minutes ago

  • Indian Express

Inking of India-UK trade pact, ties with Maldives focus of PM Modi's visit this week

Prime Minister Narendra Modi will travel to the United Kingdom and the Maldives from July 23 to 26, the government said on Sunday. While India and the UK are likely to formally sign the Free Trade Agreement (FTA) during the visit, Modi will be the guest of honour at the Maldives' Independence Day celebrations. This will be Modi's first trip to the two countries after the change in leadership there. 'At the invitation of the Prime Minister of the United Kingdom Keir Starmer, Prime Minister Narendra Modi will pay an official visit to the United Kingdom from July 23-24, 2025,' the Ministry of External Affairs (MEA) said in a statement. 'During the visit, Prime Minister Modi will hold wide ranging discussions with Prime Minister Starmer on the entire gamut of India-UK bilateral relations. They will also exchange views on issues of regional and global importance. Prime Minister is also expected to call on His Majesty King Charles III. During the visit, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP) with a specific focus on trade and economy, technology and innovation, defence and security, climate, health, education and people-to-people ties,' it said. This will be Modi's fourth visit to the UK, but the first since Starmer came to power after he led the Labour landslide to end 14 years of Conservative rule in July last year. Since then, the two leaders have met a couple of times on the sidelines of multilateral meetings — at the G20 Summit in Rio de Janeiro, Brazil, in November last year, and the G7 leaders' summit in Kananaskis in Canada in June this year. While the India-UK Free Trade Agreement was finalised in May this year, the pact is expected to be signed during Modi's visit. The FTA, finalised after three years of negotiations, is expected to benefit 99 per cent Indian exports from tariff and will make it easier for British firms to export whiskey, cars and other products to India besides boosting the overall trade basket. In the second leg of his visit, Modi will go to Maldives for the first time since President Mohamed Muizzu came to power in November 2023. 'Prime Minister Modi will be the 'Guest of Honour' at the celebrations of the 60th anniversary of the Independence of Maldives on July 26,' the MEA said. This will mark a turnaround in the relationship which started on a confrontational note. Earlier, Muizzu had asked India to withdraw Indian military personnel associated with the aviation platforms — two choppers and an aircraft — and they had to be replaced by technical personnel. Muizzu visited India in October last year, and the two sides moved forward to mend ties. Modi's visit will be aimed at taking this forward. 'In the second leg of his visit, PM will undertake a State Visit to Maldives from July 25-26, 2025 on the invitation of the President of the Republic of Maldives, Mohamed Muizzu. This will be Prime Minister's third visit to Maldives, and the first visit by a Head of State or Government to Maldives during the Presidency of Mohamed Muizzu,' the MEA said. 'Prime Minister Modi will meet Mohamed Muizzu and hold discussions on issues of mutual interest. The two leaders will also take stock of the progress in the implementation of the India-Maldives Joint Vision for a 'Comprehensive Economic and Maritime Security Partnership', adopted during the State Visit of the President of Maldives to India in October 2024,' it said. It said the visit reflects the importance India attaches to its maritime neighbour, Maldives, which continues to hold a special place in India's 'Neighbourhood First' policy and Vision MAHASAGAR. It will provide an opportunity for both sides to further deepen and strengthen the close bilateral relationship, it said. Shubhajit Roy, Diplomatic Editor at The Indian Express, has been a journalist for more than 25 years now. Roy joined The Indian Express in October 2003 and has been reporting on foreign affairs for more than 17 years now. Based in Delhi, he has also led the National government and political bureau at The Indian Express in Delhi — a team of reporters who cover the national government and politics for the newspaper. He has got the Ramnath Goenka Journalism award for Excellence in Journalism '2016. He got this award for his coverage of the Holey Bakery attack in Dhaka and its aftermath. He also got the IIMCAA Award for the Journalist of the Year, 2022, (Jury's special mention) for his coverage of the fall of Kabul in August 2021 — he was one of the few Indian journalists in Kabul and the only mainstream newspaper to have covered the Taliban's capture of power in mid-August, 2021. ... Read More

City's iconic furniture market demolished
City's iconic furniture market demolished

Time of India

time24 minutes ago

  • Time of India

City's iconic furniture market demolished

1 2 3 4 Chandigarh: Despite earnest but futile efforts by shopkeepers in the furniture market, bulldozers rolled in early on Sunday morning, flattening the four decade old market. As a few shopkeepers frantically tried to remove the remaining stock and others cried, a large police force stood guard at the market on the road dividing sectors 53 and 54. The Chandigarh administration has pegged the market value of the land, which spans around 10 to 12 acres, at Rs 400 crore. This time, the administration made a determined push to free the prime land from the traders they have repeatedly described as encroachers. A total of 116 shops were demolished during the drive, which lasted about four hours. No untoward incidents were reported as the market, which was established in 1986, was razed. To prevent protests, the Chandigarh administration deployed around 1,000 police officers and sealed roads leading to the demolition area. Personnel from the MC, civil defence, fire and emergency services, and enforcement department were also present. The demolition drive was scheduled to start at 7am but the staff involved turned up earlier. In the wake of fervent appeals by shopkeepers struggling to remove heavy furniture from their shops, they were given two more hours to do so. In the absence of resources like godowns or alternative sites, desperate shopkeepers resorted to distress sale of furniture at throwaway prices, offering 50% to 60% discounts. Deputy commissioner Nishant Kumar Yadav, SSP Kanwardeep Kaur, along with other administrative and police officials, also visited the furniture market to assess the demolition drive and the situation on the ground. When the dust settled towards the evening, the Chandigarh administration said that it was committed to planned and sustainable urban development, with public interest as its guiding priority. "The administration has successfully reclaimed approximately 10 to 12 acres of land in Sectors 53–54, previously under illegal occupation by the furniture market. The reclaimed land, acquired for the third phase of Chandigarh's urban expansion, has now been handed over to the Engineering Department for its planned development. Valued at approximately Rs 400 crore, the land holds significant importance for the city's growth and future infrastructure projects," an official release from the Chandigarh administration reads. Referring to the compensation given to original landowners at the time of land acquisition years ago, the administration stated, "The original landowners have been duly compensated in accordance with applicable laws and regulations, ensuring a fair and transparent acquisition process. It is the Chandigarh administration's firm stance against illegal encroachments. All unauthorized occupations of public land will be dealt with strictly, and appropriate measures will continue to be taken to prevent such violations in the future. " Meanwhile, shopkeepers at the furniture market maintain that they never encroached on the land. According to them, they had been paying rent to the original landowners much before the administration acquired the land. They had agreed to be relocated and were trying to buy time so that they could gather resources for auction and to pay off loans. **Box: Greater good: DC Chandigarh deputy commissioner Nishant Kumar Yadav said, "I urge all the citizens of the city to uphold the city's planned character and to refrain from unauthorized occupation of public land. Such initiatives are essential for Chandigarh's holistic development and to ensure that public resources are utilised for the greater good of all residents." Box: Betrayed, lied to: Traders assn Talking to TOI, Sanjiv Bhandari, president, Furniture Market Association, said, "Chandigarh administration has acted atrociously by removing us before rehabilitating us. We are not encroachers and have been here since 1986. The Chandigarh administration itself conducted surveys six times. We were ready to make payment, but the administration did not listen to us." Maintaining that the furniture market was the oldest in the city and the shopkeepers had been paying taxes diligently, he said that the market provided employment and income to over 5,000 people. Accusing the administration of reneging on its promise and organising the drive in a way that they would not been able to get a court reprieve, Bhandari said, "Our matter is still pending with the High Court, and the date is scheduled for Tuesday, and they demolished the market today (Sunday). We supported the administration each and every time, but they did not listen to us. They promised us to first give the land and then remove us from here, which they did not do. " Highlights of the drive —116 shops demolished in a 4-hour operation on Sunday morning. —Market was located between Sectors 53 and 54, established in 1986. —10–12 acres of prime land reclaimed, valued at Rs 400 crore Security & Execution —1,000 police personnel deployed to prevent protests —Roads leading to the market were sealed —Officials from MC, civil defence, fire services, and enforcement were present —Shopkeepers were given 2 extra hours to remove furniture. Impact on Traders —Traders resorted to distress sales with 50–60% discounts —No alternative sites or godowns provided. —Market supported over 5,000 livelihoods. —Traders claim they were paying rent and were willing to relocate, but were denied time and support. Administration's Stand —Land handed over to Engineering Department for urban development. —Original landowners were compensated as per law —Administration reiterated its stance against illegal encroachments (Photos by Pritam Thakur) MSID:: 122798777 413 |

HDFC duo's merger still looms over industry's credit growth
HDFC duo's merger still looms over industry's credit growth

Time of India

time24 minutes ago

  • Time of India

HDFC duo's merger still looms over industry's credit growth

HDFC Bank MUMBAI: The merger of HDFC and HDFC Bank in FY24, which slowed down bank credit growth in FY25, continues to remain a drag on overall lending, pulling industry credit growth into single digits in Q1FY26. The combined entity's loan growth fell from 15-17% before the merger to 5.4% in FY25 and remained below the industry pace in the June quarter. According to RBI data, bank credit growth stood at 9.5% at the end of Q1, while deposits grew 10.1%. As against this HDFC Bank's outstanding loans and deposits grew 6.7% and 16.2%. The slowdown was part of a strategy to restore balance sheet stability following a spike in the credit-deposit (CD) ratio and a skewed funding mix after HDFC's Rs 6 lakh crore loan book was absorbed. Although HDFC Bank gained in market share and balance sheet size, its contribution to incremental credit growth remained limited, affecting the broader banking system's performance. In a call with analysts on July 19, HDFC Bank MD & CEO Sashidhar Jagdishan said, "We slowed down our average advances or AUM growth to about 7% last year, in alignment with our strategic objectives to bring down the CD ratio from 110% at the time of the merger to about 95% as we speak today. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Emergency Generators in Duong Au Co: (Prices May Surprise You) Emergency Generator | Search Ads Search Now Undo This rate of growth in AUM has improved to 8% in the June 2025 quarter." The home loan portfolio, which was HDFC's core strength, grew only 7% year-on-year, slower than 9% industry growth, reflecting weak momentum after the merger. Jagdishan said the mortgage segment has seen "intense competition" particularly from public sector enterprises offering rates around 7.1% to 7.3%. HDFC Bank has chosen not to match those rates, focusing instead on pricing loans 50-80 basis points higher while offering better service and targeting broader customer relationships. The bank expects consumption to recover in both urban and rural areas, supported by the festival season. Jagdishan said sentiment, lower rates, and fiscal incentives could drive growth. He also pointed to rising momentum in the MSME segment, helped by early exports aimed at benefiting from potential tariff changes. On staffing, the bank added about 4,000 employees this quarter, largely to support branches. Jagdishan said the bank is working towards having "more and more people customer-facing and maybe revenue-generating" as part of its long-term direction. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store