Meanwhile, only Future Consumer Ltd will be taken over by Reliance that sells food, home, and personal care products. The Future Group’s financial and insurance business is not part of the deal.
Billionaire Mukesh Ambani’s Reliance Industries announced on Saturday the acquisition of Future Group for Rs 24,713 crore to grow it’s established retail business.
“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore,” the company informed in a statement.
Reliance, through the deal, will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.
Meanwhile, only Future Consumer Ltd will be taken over by Reliance that sells food, home, and personal care products. The Future Group’s financial and insurance business is not part of the deal.
Though all of the promoter stake in Future Retail and Future Lifestyle Fashions have been bought by Reliance, it was not immediately clear what happens to Amazon’s holding in the Future.
Amazon, in August last year, took an indirect stake of 1.3 per cent in Future Retail as a result of purchasing 49 per cent of Future Coupons Ltd.
In January, Amazon also became the authorized online sales channel for Future Retail’s stores.
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