Reliance Industries could buy Future Group's retail business for Rs 27,000 crore

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Mumbai, 28 July 2020 Tuesday

Mukesh Ambani's Reliance Industries is close to buying the retail business of Future Group, sources said, adding that the deal could be worth between Rs 24,000 crore and Rs 27,000 crore.

The deal will strengthen Reliance Industries' position in the retail segment, sources said, adding that the deal also includes the responsibilities of Future Group, which will come to Reliance Industries with the deal.

The first 5 listed companies in the asset sale will be Future Consumer, Future Lifestyle, Future Lifestyle Fashion, Future Retail, Future Supply Chain and Future Market Networks will be merged into Future Enterprise.

According to Live Mint, Reliance has an exclusive deal till July 31. Under the binding agreement, Reliance has to make the deal before July 31, sources said, adding that talks between the two companies are ongoing and may take some time.

Under the deal, Future Group's fashion and grocery retail format will come to Big Bazaar, Food Hall, Nilgiri, FBB, Central, Heritage Foods, and brand factory Reliance, as well as apparel brands like Lee Cooper. Will find the store.

In response to a question on the deal, a Reliance Industries spokesperson said, "As a matter of policy, we do not comment on media speculations and rumors. Our company evaluates various opportunities on a regular basis."

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