Reliance buys Kishore Biyani’s Future retail for Rs 24,713 crore
- Reliance Retail Ventures Limited (RRVL), subsidiary of Reliance Industries Limited will buy Kishore Biyani’s Future retail for Rs 24,713 crore.
- The first step in this acquisition will be the merger of five Future Group’s listed entities including Future Retail, Future Lifestyle and Future Consumer – into Future Enterprises (FEL).
- FEL will then sell the retail, wholesale business, logistics and warehouse business as a slump sale to Reliance Retail and Fashion Lifestyle Limited (RRFLL). RRFLL is a subsidiary of RRVL which in turn is a subsidiary of Reliance Industries Limited.
- This acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors, and other requisite approvals.
Source: Economic times