Reliance Retail today announced the acquisition of Future Groups’ retail and wholesale business and the logistics and warehousing business for the lumpsum amount of Rs 24,713 crore. The deal is subject to adjustments which have been set-out in the composite scheme of arrangement.
Reliance’s retail business will act as a strategic fit for Future Group’s retail, wholesale, and supply chain business. It will help Reliance to accelerate providing support to small merchants in increasing their competitiveness and enhance their income in these challenging times.
Ms. Isha Ambani, Director, Reliance Retail Ventures Limited, said: “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. 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. We are committed to continue providing value to our consumers across the country
The acquisition will be subject to regulatory approvals from SEBI, CCI, NCLT, shareholders, creditors, and other requisite approvals. The portfolio of Future Group includes apparel, general merchandise, and own FMCG brands which allow a wider offering to its customers.
