Mumbai: With the arrival of the new year, it’s an opportunity for a fresh and excellent beginning to the year. If you seek home decor or routine shopping, leading brands in Mumbai offer the finest deals available for you. Explore the additional information below to grab the top deals that the brands are offering, which you won’t want to overlook.

Ongoing Best Deals Deals

The start-of-the-year sales are a steal-deal for Mumbaikars with 50%-70% off on top brands like Suvasa, Akbarallys furniture, Soch, Jimmy Choo, Superdry, Emporio Armani, Vijay Sales, Metro Wholesale, Lifestyle, Smart Bazaar and many more.

Top Deals At Lifestyle

Lifestyle, the beloved clothing brand has started the year with Sale Of The Season deals with products available at flat 50% off. Visit their website at lifestylestores.com to avail the best offers by shopping online with yout leisure. You can also visit their stores at the mall nearest to you at Oberoi Mall, WE Highway Goregaon East or Phoenix Palladium.

Top Deals At Smart Bazaar

The people favourite brand for daily needs and more, Smart Bazaar is celebrating Makar Sankranti with big saver deals. The brand is offering ‘buy1 get 1’ offer on over 1500+ products along with Smart Style Sale with affordable fashionable clothing starting at ₹299. Save big crunch over fruits and and dry fruits along with party essential cold drinks. Visit the nearest Smart Bazaar store to avail the amazing deals.

Top Deals At Soch

The go-to store for all your traditional clothings, Soch has presented Mumbaikars with their special Red Dot Sale with upto 50% off on Salwat suits, Sarees, Kurtas. Kurta Sets, Dress Materials, Tunics and Kaftans. You can also get premium scented candle for just ₹498 of worth ₹2495. Visit nearest Soch store today to avail the amazing deal.

Top Deals At Akbarallys furniture

If you are looking to exchange your old furniture and welcome new teak and solid wood furniture at your home, look no further as Akbarallys furniture have extended their exchange dhamaka offer where you have the opportunity to save up to 60% by exhanging your old furniture to a new customised furniture. You are eligible to 40% off on goods without exchange. Visit their store in Fort or Chembur to avail the amazing deal.

Top Deals At Metro Wholesale

The people favourite wholesale mart, Metro, has a new year offer promising big savings. The ‘Naya Saal Badhi Bachat’ sale buyers have amazing deals on variety of daily products to home essential products discounts ranging from 10% upto 80% off. The customers have the opportunity to get ₹100 off on minimum purchase of ₹1000. Visit the Metro store in Bhandup between 8 AM to 10 PM, Borivali and Malad stores between 7 AM to 10 PM. The offer is only applied for Mumbai stores. Offer valid till January 9, 2025.

Amazing Deals At Phoenix Palladium

Phoenix Palladium has presented end of season sale starting January 3 onwards. Avail the chance to grab 40% off on luxury brands such as Jimmy Choo, TOD’S, Canali, Coach, Superdry, Emporio Armani, Diesel, Muji, Dune London and many more.

Top Deals At IKEA

IKEA is presenting its winter sale with limited time offer upto 70%. Shop at IKEA sale and decorate your home with our elegant designs. Hurry! Get your hands on amazing deals and massive discounts on stylish furniture and decor at IKEA Winter Sale. You can visit their official website or visit IKEA store at IKEA Worli City Store or IKEA Navi Mumbai.

Top Deals At Shoppers Stop

Shoppers Stop is presenting its BIG Fab sale with a limited-time offer upto 50%. Shop at their online portal shoppersstop.com, or visit stores nearest to you. Get your hands on amazing deals such as extra ₹2500 by using ‘FABSALE’ code on your purchase. Get massive discounts on latest fashion trends and and much more at the sale.

Top Deals At Titan

One of the top watch brands has presented exclusive sale upto 60% off. Grab the deal by visiting their official website titan.co.in or visit the Titan store near you to avail the exclusive sale offers of top products.

Other Top Deals In Mumbai

Options, Baby Bell, Green Bell and Boy London are offering upto 40% off on their products. Visit their social media pages, website optionsfashion.com or store in Vile Parle West.

Mumbai, Jan 2: Maharashtra’s biggest industrial land parcel measuring over 5,286 acres — at a strategic location close to the Navi Mumbai Airport, JNPT and the Mumbai Trans Harbour Link project — has been sold to Reliance Industries Ltd at a valuation of mere Rs 2,200 crore.

Anand Jain-promoted Jai Corp Ltd. informed the stock exchange that Urban Infrastructure Holdings Pvt. Ltd., a firm in which his company holds 32 per cent, is convening an extraordinary general meeting (EGM) of shareholders to approve capital reduction proposed by the company.

The company informed the stock exchange that the subsidiary of Urban Infrastructure Holdings Pvt. Ltd., i.e., Dronagiri Infrastructure Pvt. Ltd. (DIPL), sold its 74 per cent stake in Navi Mumbai IIA Pvt. Ltd. for Rs 1,628.03 crore, valuing the company at Rs 2,200 crore to Reliance Industries Ltd.

Mukesh Ambani-led RIL informed the exchanges on December 13, 2024, that pursuant to the waiver of the first right of refusal by the City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO), it has bought 57.12 crore equity shares representing 74 per cent of Navi Mumbai IIA Private Limited (NMIIA), formerly called Navi Mumbai SEZ, at a price of Rs 28.50 per equity share, aggregating Rs 1,628.03 crore, valuing the 5,286-acre project at an equity value of Rs 2,200 crore.

After the acquisition, NMIIA became a 74 per cent subsidiary of the company, it said in a disclosure to the stock exchange.

NMIIA was incorporated on June 15, 2004, and is engaged in developing the Integrated Industrial Area (IIA) in Maharashtra. Navi Mumbai IIA Pvt. Ltd. in the financial year ending March 2018 was allowed by the Maharashtra government to be converted from an SEZ into an Integrated Industrial Area (IIA). NMIIA has been appointed as the Special Planning Authority for the notified areas of Dronagiri, Kalambol.

The Navi Mumbai SEZ was once said to be estimated as having an economic potential of over Rs 1 lakh crore after the Mumbai Trans Harbour Link (Atal Setu) and Navi Mumbai Airport get operational. NMIIA is a strategically located industrial zone as it is in close proximity to the upcoming Navi Mumbai International Airport, the Jawaharlal Nehru Port, the Mumbai Trans Harbour Link and the Mumbai-Pune Highway.

RIL, in its statement, said that the investment is not a related party transaction and none of the company’s promoters, the promoter group, or group companies have any interest in the above transaction.

But Urban Infrastructure Holdings Private Ltd. (UIHPL) is owned 33 per cent by Mukesh Ambani-led Reliance group companies, 32 per cent by Jai Corp Group led by Anand Jain and SKIL Infrastructure, which is currently under NCLT proceedings, held 35 per cent as per its annual report for the financial year ending March 2023, according to credit rating agency Care Ratings, which had rated Navi Mumbai SEZ instruments in March 2021.

Urban Infrastructure Holdings Private Ltd. held a 99 per cent stake in Dronagiri Infrastructure, which owns 74 per cent in Navi Mumbai IIA Pvt Ltd. The remaining stake is held by the government agency CIDCO.

According to the SKIL Infrastructure website, Navi Mumbai IIA achieved financial closure for 2,140 hectare (approx 5286 acre) and is currently developing the site. It said the company is the lead consortium member for Navi Mumbai IIA Ltd., with the balance of equity held by Reliance Group Investment and Holding Private Ltd., a Mukesh Dhirubhai Ambani Group company.

Dronagiri Infrastructure was scheduled to convene a shareholder meeting on January 2, seeking approval for reduction of share capital.

The Board of Urban Infrastructure, i.e., the owner of Dronagiri, has proposed to reduce 99.76 per cent of its share capital (i.e., equity shares and fully compulsorily convertible preference shares, or CCPS) on a proportionate basis and pay an aggregate consideration of Rs 3,746.87 crore to its shareholders towards such capital reduction on a proportionate basis and considering CCPS on an as is converted basis.

Out of this, owners of Urban Infrastructure have already received the promoter’s contribution towards equity of Rs 1,597 crore. Dronagiri will distribute Rs 1,492.50 crore along with any interest that has accrued and redeem Optionally Fully Convertible Debentures for Rs 682 crore held by its subsidiary Vinamra Universal Traders Private Limited.

Thus, the total funds that UIHPL will receive will be a minimum of Rs 3,772 crore. UIHPL, which held a 99 per cent stake in DIPL, had also issued Compulsorily Convertible Debentures to Reliance (Mukesh Ambani) Group. On the conversion of CCDs, Reliance, along with Jai Corp Group, will hold a substantial equity stake in UIHPL, the rating agency had said. This would have resulted in Reliance Group and Jai Corp Group indirectly having a controlling stake in NMIIA.

In addition, the funding requirement of NMIIA is met out of equity and share application money (through UIHPL) as well as deposits from the wholly owned subsidiary of RIL.

Till December 31, 2022, NMSEZ received equity capital and share application money of approximately Rs 3,100 crore and deposits to the extent of Rs 6,038, according to Care Ratings. It is not clear what the status of these deposits is since then.

As per the 2023-24 balance sheet, Reliance has advanced close to Rs 6,162 crore to its subsidiary Reliance 4IR Realty Development Ltd., which in turn used a portion of the provided loans and invested substantially in the Zero Coupon Unsecured Optionally Fully Convertible Debentures of several SPVs involved in development in the Dronagiri, Kalamboli, and Ulwe areas.

The rating agency, though, wrote that since the project has been cleared by the Environment Ministry, the demand for the plots within the area is expected to increase. Furthermore, there is no major capital expenditure left to be incurred in the project, and there has been a significant appreciation in the value of land in the last couple of years.

However, this high economic value does not seem to reflect in the cost of acquisition of the project by Reliance Industries.

New Delhi, Jan 2: Reduction of duties on mobile parts and components in the Union Budget 2025-26 would further strengthen India’s position as global electronics manufacturing hub towards achieving the goal of a $500 billion electronics industry, the India Cellular and Electronics Association (ICEA) has said.

In a letter to Sanjay Malhotra, Revenue Secretary, Ministry of Finance, the apex industry body recommended to reduce the 2.5 per cent duty on parts and inputs of PCBA, FPCs, camera modules and connectors to zero per cent, adding that high tariffs on sub-assemblies and their components inflate manufacturing costs.

FPCBAs are currently classified as PCBAs, though their functionality is similar to connectors. The ICEA recommended that FPCAs should be categorised under a new HSN Code at 10 per cent duty.

“The current 2.5 per cent tariff on inputs hinders competitiveness and discourages local production because of lack of sufficient differential duty. We recommend to reduce the duty on sub-assembly inputs for open cells to zero per cent to support domestic television manufacturing,” said the ICEA letter.

The 15 per cent duty on car displays and similar duty on parts like Blu, Cover glass, Open Cell, and more are at 15 per cent, creating an inverted and convoluted duty structure while reducing cost effectiveness.

“Display manufacturing is similar across segments so to encourage and build scale for display assembly manufacturing in India all inputs of Display Assembly irrespective of the end use should be at zero duty aligning with the duty structure of mobile phone display,” the ICEA suggested.

To support the nascent domestic industry for hearable devices, it is essential to maintain the existing duty structure while ensuring components and inputs are duty-free, it said, adding that inverted and convoluted duty structures on parts, sub-parts, and inputs of Inductor Coil module increases costs and creates complexity in customs processes and clearance delays.