Reliance Retail Acquires Future Group’s Business With Whopping ₹24,713 Crore Deal
Reliance Industries Ltd has acquired the businesses of Kishore Biyani’s Future Group following a blockbuster ₹24,713 crore deal. With this, the Reliance Retail look to compete with e-commerce giant Amazon.
“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,” Mukesh Ambani’s company said in a statement.
As many as 1,800 retail stores, including chains of Big Bazaar, FBB, Easyday, Central, Foodhall formats of Future Group will now be owned by Reliance Retail. The above mention retail businesses are spread across 420 cities in India.
“Pleased to provide a home to the renowned formats and brands of Future Group,” Reliance Retail director Isha Ambani said.
“With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India. We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country,” she added.
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