Published 18:07 IST, July 28th 2020
Reliance on the verge of cracking a massive deal with retail giant Future Group: Sources
Reliance Industries Ltd is on the verge of acquiring Future Group’s retail assets for Rs 24,000-27,000 crore in what can be seen as it's grand entry into retail
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Reliance Industries Ltd (RIL) is on the verge of acquiring Future Group’s retail assets for Rs 24,000-27,000 crore in what can be seen as it's grand entry into the retail market in the country. According to agency sources, Mukesh Ambani's Reliance is on final negotiation points with Kishore Biyani's Future Group, which houses highly successful retail outlets such as Big Bazaar, Brand Factory, FoodHall, FBB, Central, Heritage Foods amongst others.
Sources have revealed that Future Group's five listed entities, including Future Retail Ltd, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks, will be incorporated into one entity before the final takeover is carried forward.
It is important to mention that this massive deal between the two giants comes at a time when Future Group is reeling under mounting debts to the tune of over Rs 12,770 crores, as of reports in September 2019.
Meanwhile, Billionaire Mukesh Ambani’s Reliance Industries shares rose over 2% on Monday hitting a new record high, which brings the conglomerated company’s market value closer to the Rs 14 lakh crore mark. On the BSE, Reliance Industries Limited shares rose by 2.45 per cent to Rs 2,198.70 in morning deals. At this level, the market value of Mukesh Ambani's Reliance Industries reached Rs 13.94 lakh crore for the first time ever.
The further rise in shares has helped Reliance Industries retain its position as the country’s most valuable company. Presently, Reliance Industries is the only Indian company to hold a double-digit lakh crore market value in rupees.
(With Agency Inputs)
18:07 IST, July 28th 2020