Ambani’s Reliance acquires Future Group for $3.4 billion
New Delhi, Aug 31, 2020: Indian Billionaire Mukesh Ambani's Reliance Industries acquired Ashok Biyani led Future Group for $3.4 billion (Rs 24,713 crore) to bolster its fast growing retail business.
"Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries, 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 $3.4 billion," the company said in a statement.
Through the deal, Reliance will acquire Future Retail that owns the BigBazaar that sells everything from groceries to cosmetics and apparel, and Future Lifestyle Fashions Ltd that operates fashion discount chain Brand Factory.
While Reliance will takeover Future Consumer Ltd, whi...