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Business

Reliance Brands to buy 40% in toymaker Plastic Legno SPA, signs JV

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Reliance Brands and Plastic Legno SPA have signed a joint venture arrangement through which the former will acquire a 40 per cent stake in the latter’s toy manufacturing business in India.

This investment by Reliance Brands serves a dual purpose — bringing in vertical integration for its toy business, and helping diversify the supply chain with a long-term strategic interest in building toy manufacturing in India.

Plastic Legno SPA is owned by the Sunino group that boasts of more than 25 years of toy production experience in Europe. The group started its India business in 2009 out of a need to develop a strong production hub that would cater to global markets, but more importantly, to the fast-evolving and growing Indian market.

“It is imperative for RBL to build design to shelf capability for a strategic advantage over the competition and to be an accelerator in building a robust toy manufacturing ecosystem in India not only for domestic consumption but also for global markets,” a Reliance Brands spokesperson said.

Reliance Brands has a strong visibility in the toy industry with its portfolio of Hamleys, the British toy retailer and homegrown toy brand Rowan, making it one of the leading toy distributors. Hamleys currently has a global footprint across 15 countries with 213 doors and is India’s largest chain of toy stores.

In 2019, Reliance Brands marked its first international foray by acquiring the British toy retailer Hamleys.

“We have important development plans to implement, always in the spirit of creating a cultural background in this specific sector in India. We are ready for the challenges of the future, but when there is a group like RBL alongside, we are sure that together we can do a great development” said Paolo Sunino, Co-owner, Sunino Group.

In the past five years, Reliance Brands has also invested in building and operating homegrown Indian designer brands.

Business

India red-flags $800 million ADB aid package to Pakistan

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New Delhi, June 4: India has expressed deep concerns over the potential misuse of the $800 million ADB aid package to Pakistan as the country is increasing its defence expenditure, despite the poor fiscal position, with the army exercising de facto control over the government in Islamabad.

The army top brass now leads the Special Investment Facilitation Council, which gives it more control over the economic policy. India has warned that this entrenched military role poses serious risks of policy reversal and poor reform implementation, according to reliable sources.

Pakistan’s tax-GDP ratio has been declining, with the country going through an economic crisis. The foreign exchange reserves have hit rock bottom, and inflation has soared to double-digit figures. However, despite the dire economic situation, the military-driven government has gone for increasing expenditure on defence.

India has also pointed out that Pakistan has a very poor track record in implementing the economic reforms that are mandatory with these aid packages from multilateral institutions.

India’s concern is that these funds can be diverted for defence expenditure. The fighter jets purchased from China and the large number of drones used by Pakistan in the wake of Operation Sindoor reflect the increased spending on military hardware, an official said.

It pointed out that Pakistan recently approached the International Monetary Fund (IMF) for the 24th bailout, indicating policy ineffectiveness. This further shows that the previous ADB and IMF-supported programmes have failed to create sustainable macroeconomic stability.

India has also highlighted that Pakistan’s policy of promoting cross-border terrorism has led to a worsening of the security situation in the region.

It has further pointed out that Islamabad’s track record on implementation of the FATF action points related to terrorist financing investigations and prosecution of leaders of UN-designated terrorist groups and freezing and confiscation of criminal assets is also highly unsatisfactory.

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National

Monsoon session of Parliament from July 21 to August 12

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New Delhi, June 4: The Monsoon Session of Parliament will begin on July 21 and conclude on August 12, Union Parliamentary Affairs Minister Kiren Rijiju announced on Wednesday.

Both the Lok Sabha and Rajya Sabha will convene at 11 a.m. on the opening day, marking the start of the first parliamentary session in over three months.

The session is expected to be politically charged, especially against the backdrop of heightened demands by the Opposition for a special session.

Sixteen opposition parties had written to Prime Minister Narendra Modi on Tuesday, pressing for an immediate session to discuss the recent Pahalgam terror attack and the retaliatory Operation Sindoor — a cross-border military operation targeting nine terror camps in Pakistan and Pakistan-occupied Kashmir (PoK).

In response, the government has now formalised the Monsoon Session schedule, asserting that all issues, including those raised by the Opposition, can be taken up during the scheduled sitting.

The Budget Session earlier this year ran from January 31 to April 4 in two phases and saw the passage of several key legislations, including the Waqf Amendment Bill which seeks to focus on improving the management of waqf properties, empowerment of stakeholders relevant to management of waqf properties, improving the efficiency in survey, registration and case disposal process, and development of waqf properties.

While the core purpose remains to manage waqf properties, the aim is to implement modern and scientific methods for better governance. The Mussalman Wakf Act, 1923, was also repealed.

Apart from the Waqf Amendment Bill, the government also passed the ‘Tribhuvan’ Sahkari University Bill, 2025, for the establishment of ‘Tribhuvan’ Sahkari University to provide education, training, and capacity building in the cooperative sector and undertake research and development activities in related areas.

The Immigration and Foreigners Bill, 2025, was also passed to simplify the laws for the requirement of passports or other travel documents in respect of persons entering into and exiting from India and for regulating matters related to foreigners, including the requirement of a visa and registration.

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Crime

Man arrested for raping, murdering 80-year-old woman in Karnataka

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Kolar, June 4: A man has been arrested on charges of raping and murdering an 80-year-old woman in Srinivasapura town of Karnataka’s Kolar district.

The police have apprehended the accused, who has since been remanded to judicial custody.

The accused has been identified as 37-year-old Baba Jaan, a resident of Gaffar Khan Mohalla in Srinivasapura.

According to the police, the victim’s body was discovered on Monday evening at a garage near an open field on Mulbagal Road in Srinivasapura town.

Preliminary investigations revealed that the victim had been raped and murdered.

The victim had left home two days ago, informing her family that she would visit the church at Srinivasapura.

The woman stayed in Srinivasapura for two days, and on Monday evening, when the woman was waiting for a bus to return home, the accused targeted her.

The accused spoke to her to ensure she was alone.

He then allegedly lifted and carried her to an isolated place, where he brutally raped her before strangling her to death.

The accused also robbed Rs 15,000 from her bag.

During their investigation, the police obtained CCTV footage from a nearby shop, which captured the accused lifting the victim and hurriedly carrying her away.

While the police were gathering information, the accused returned to the crime scene to observe the unfolding events. Alert police personnel identified and apprehended him.

The accused later confessed to committing the crime to rob the victim’s money and jewellery.

The victim’s family has urged the police to “kill” the accused due to the heinous nature of the crime.

More details regarding the incident are yet to emerge.

On August 21, 2024, the Chintamani police had arrested a 28-year-old labourer for sexually assaulting a 65-year-old woman on the hospital premises in the wee hours.

Based on a complaint by the staffers at the Chintamani government hospital, the police launched a hunt and nabbed the accused.

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