Mumbai: In yet another blockbuster deal, Mukesh Ambani’s Reliance Industries Ltd on Saturday announced the acquiring of the entire retail, wholesale, logistics and warehousing businesses of Kishore Biyani’s Future Group for ₹24,713 crore.
“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd 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 INR 24,713 crore,” the company said in a statement.
Through the deal, Reliance will acquire Future Retail that owns the Big Bazar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle fashions ltd that operates fashion discount chain Brand Factory.
Reliance Retail will now have access to close to 1,800 stores across Future Group’s Big Bazaar, FBB, Easyday, Central, Foodhall formats, which are spread in over 420 cities in India.
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