Future-Reliance Industries Deal Cleared By SEBI

On Wednesday, the Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group's scheme of arrangement and sale of assets to Reliance Industries Limited (RIL), a PTI report said.

Based on the clearance provided by the market regulator, BSE also granted its "no adverse observation" report to the Rs 24,713-crore deal.

Five months after it was announced, SEBI allowed the deal with some riders, the report said.

The SEBI has said the litigation pending before the Delhi High Court and arbitration proceedings by the global e-commerce major Amazon contesting the deal should be specifically mentioned by Future Group while seeking shareholders or the National Company Law Tribunal approval, the BSE stated in its observation letter.

It has also held that SEBI's go-ahead on the draft scheme of arrangement would be subject to the outcome of these proceedings.

In August, Reliance Industries Limited (RIL) had announced that its subsidiary Reliance Retail Ventures Limited has acquired the retail, wholesale and logistics businesses of the Future Group for Rs 24,713 crore.

The "scheme" includes the merger of select Future Group companies into Future Enterprises Limited (FEL).

The acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors and other requisite approvals.