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Reliance Industries Buys Future Group's Retail Business For Rs 24,713 Crore

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Reliance Industries Limited (RIL) on Saturday announced that it has acquired the retail, wholesale and logistics businesses of Kishore Biyani led-Future Group for Rs 24,713 crore.

Reliance Industries Buys Future Group's Retail Business For Rs 24,713 Crore
 

"Reliance Retail Ventures Limited (RRVL), subsidiary of Reliance Industries Limited, today announced that it is acquiring the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore, subject to adjustments as set-out in the composite scheme of arrangement (Scheme)," the company said.

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

The statement explained that as part of the deal:

  1. the Retail & Wholesale Undertaking is being transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of RRVL
  2. the Logistics & Warehousing Undertaking is being transferred to RRVL; and
  3. RRFLL also proposes to invest:

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