Mumbai ; Reliance Retail Ventures, a subsidiary of Reliance Industries Limited, announced that it is acquiring the retail, wholesale, logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lump sum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in the composite scheme of arrangement (Scheme).The addition is being done as part of the scheme in which the Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited.
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 of the retail, wholesale and supply chain business of the Future Group complements and makes a strong strategic fit into Reliance’s retail business. This will help Reliance retail to accelerate providing support to millions of small merchants in increasing their competitiveness and enhance their income during these challenging times.Future Group’s portfolio composition in apparel, general merchandise and own FMCG brands will allow for a wider offering to its customers.
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