Wednesday, Aug 05, 2020 | Last Update : 05:06 AM IST

133rd Day Of Lockdown

Maharashtra45795629935616142 Tamil Nadu2682852087844349 Andhra Pradesh176333956251604 Karnataka145830692722704 Delhi1391561252264033 Uttar Pradesh100310572711817 West Bengal80984568841785 Telangana6894649675563 Gujarat65704485612529 Bihar6203140760349 Assam4816233429115 Rajasthan4667932832732 Haryana3779631226448 Odisha3768124483258 Madhya Pradesh3508225414912 Kerala279561629988 Jammu and Kashmir2239614856417 Punjab1901512491462 Jharkhand140705199129 Chhatisgarh10109761369 Uttarakhand8008484795 Goa7075511460 Tripura5520367528 Puducherry4147253758 Manipur301818147 Himachal Pradesh2879171013 Nagaland24056594 Arunachal Pradesh179011053 Chandigarh120671520 Meghalaya9173305 Sikkim7832971 Mizoram5022820
  Business   Companies  28 Jul 2020  Reliance set to acquire Future Group's retail business for Rs 27,000 crore

Reliance set to acquire Future Group's retail business for Rs 27,000 crore

REUTERS
Published : Jul 28, 2020, 2:55 pm IST
Updated : Jul 28, 2020, 3:44 pm IST

Reliance’s existing retail operation already runs close to 12,000 stores in over 6,700 Indian towns and cities

 Mukesh Ambani’s Reliance Industries Ltd will pay between ₹24,000-27,000 crore to buy the Indian retail chains owned by Future Group. (PTI Photo)
  Mukesh Ambani’s Reliance Industries Ltd will pay between ₹24,000-27,000 crore to buy the Indian retail chains owned by Future Group. (PTI Photo)

BENGALURU: Mukesh Ambani’s Reliance Industries Ltd will pay between 24,000-27,000 crore ($3.2-$3.6 billion) to buy the Indian retail chains owned by Future Group, Mint newspaper reported on Tuesday, citing two sources familiar with details of the deal.

Asia’s richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India’s huge retail sector.

 

Reliance’s existing retail operation already runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 Indian towns and cities.

Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores FoodHall, and bargain clothing chain Brand Factory.

A series of media reports have said the two were nearing agreement on the deal.

Ratings agency ICRA estimates here total debt at Future Group's listed companies had risen to Rs 12,778 crore by September last year and the company has since faced widespread closures under India's coronavirus lockdowns.

 

Mint cited its sources, speaking on condition of anonymity, as saying the sale value included Future Group’s liabilities.

Five listed entities, including Future Retail Ltd, will be merged into Future Enterprises Ltd before the sale to one of the retail subsidiaries of Reliance, the paper added.

In May, Reliance launched JioMart, an online grocery service in a move aimed at rivaling Amazon.com’s local unit and Walmart Inc’s Flipkart in the huge Indian market. Ambani plans to list Reliance’s digital and retail units over the next five years.

Future Group did not immediately respond to requests for comment on the deal value. A Reliance Industries spokesperson said the company evaluates various opportunities on an ongoing basis.

 

Tags: mukesh ambani, reliance industries ltd, ril, indian retail chains, future group, reliance industries, ril to acquire future group, biyani future retail, retail sector, kishore biyani, big bazaar
Location: India, Karnataka, Bengaluru