Future Enterprises' Board will be meeting on Saturday, 29 August, to finalise details on the sale of the group's retail business to Mukesh Ambani-led Reliance Industries Ltd's retail arm, an Economic Times report. In an all-cash deal, Reliance Retail will take on Future Group's debt and liabilities while also picking up a minority stake in the latter's FMCG arm.
Reportedly, the deal has been in the works for months now and is being valued at Rs 29,000-30,000 crore. Future Group will merge five listed units across grocery, apparel, supply chain and the consumer business into Future Enterprises Ltd (FEL), which currently houses the group's retail back-end infrastructure, the Economic Times report citing sources said, and this merged entity will be sold as a single unit to RIL.
The report further said that Future Enterprises will house the residual businesses, primarily the FMCG products of Future Consumer, textile mills and the insurance arm. It will have a long-term supply agreement with Reliance Retail for apparel and groceries.