Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, announced that it is acquiring the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group for Rs 24,713 crore, subject to adjustments as set-out in the composite scheme of arrangement.
The above acquisition is being done as part of the Scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL), the company said in its press release.
Commenting on the acquisition, 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.”
According to the press release, 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, the company said.
This acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors and other requisite approvals.
Retail Ventures Limited RRVL is a subsidiary of Reliance Industries Limited, carrying on the Consumer Supply Chain Business and Consumer Retail Business through its subsidiaries.
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