Reliance Industries To Acquire Future Group Retail, Wholesale, Logistics, Warehousing Businesses for Rs 24,713 crore


Reliance Retail Ventures is part of billionaire Mukesh Ambani’s Reliance Industries

Billionaire Mukesh Ambani-led Reliance Industries said on Saturday that it will acquire the retail and wholesale as well as logistics and warehousing businesses of the Future Group for Rs 24,713 crore through its subsidiary, Reliance Retail Ventures. The deal is part of the scheme in which Future Group is merging certain group companies into Future Enterprises, Reliance Industries said in a regulatory filing. The transaction is subject to regulatory and shareholder approvals, it said.

Here are five things to know:

  1. Reliance Industries said the acquisition of Future Group’s retail, wholesale and supply chain businesses makes a strong strategic fit into its retail business.

  2. “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,” said Isha Ambani, director, Reliance Retail Ventures.

  3. “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,” she added.

  4. The deal will help Reliance Retail accelerate and provide “support to millions of small merchants in increasing their competitiveness and enhance their income during these challenging times, the company added. 

  5. Reliance Retail Ventures is part of oil-to-telecom conglomerate Reliance Industries.

Source link