Reliance Industries to acquire Future Group’s retail business for Rs 24,713 crore - ALL Jobs News

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Sunday, 30 August 2020

Reliance Industries to acquire Future Group’s retail business for Rs 24,713 crore

Mukesh Ambani’s Reliance Industries on Saturday announced the acquisition of the retail, wholesale, logistics and warehousing businesses of Kishore Biyani’s Future Group for Rs 24,713 crore. The acquisition was done through the company’s subsidiary Reliance Retail Ventures.

Reliance Retail will now have access to close to 1,800 outlets of Future Group’s Big Bazaar, Easyday, Central, and Foodhall stores, which are spread across 420 cities in India.

“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore,” the company said in a statement.

The deal will help Reliance Retail accelerate and provide “support to millions of small merchants in increasing their competitiveness and enhance their income during these challenging times,” the company added.

The acquisition is being done as part of the scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited. The transaction had reportedly been in the works for months, according to NDTV.

As part of the deal, the retail and wholesale undertaking businesses are being transferred to Reliance Retail and Fashion Lifestyle Limited, a wholly-owned subsidiary...

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