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Reliance Retail Buys Retail Biz Of Future Group For ₹ 24,713 crore

Pritish raj by Pritish raj
August 29, 2020
in News, Retail
2 min read
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Reliance Retail Future Group- Next Big Brand

Reliance Retail Future Group- Next Big Brand

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  • Reliance Retail today announced that it is acquiring the  retail, wholesale of Future Group on a slump-selling basis for Rs 24,713 crore

Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Limited, today announced that it is acquiring the  retail, wholesale, logistics and warehousing business of Future Group on a slump-selling basis for Rs 24,713 crore, subject to adjustments as provided for in the composite arrangement scheme. A recession selling is when a company is sold without assigning values to the individual assets and liabilities for a lump sum valuation as reported by CNBC.

Under the scheme, Future Company will combine into Future Entities Limited (FEL) those companies that carry on the above-mentioned businesses.

As part of the same Scheme:

  • The retail and wholesale undertaking shall be passed to RRVL’s wholly-owned subsidiary, Reliance Retail and Fashion Lifestyle Limited (RRFLL);
  • The shift of the logistics and warehousing undertaking to RRVL; and
  • RRFLL also recommends investing in:

 (a) Rs 1,200 crore in FEL ‘s preferential equity issue to gain 6.09 percent of post-merger equity;

(b) Rs 400 crore in a preferential issue of equity warrants which will result in the acquisition of RRFLL upon conversion and payment of balance 75% of the issue price.

Ms. Isha Ambani, Director of Reliance Retail Ventures, said: “With this transaction, we are pleased to provide a home for Future Group’s renowned formats and brands and to maintain its market ecosystem, which has played an important role in the evolution of modern retail in India.

With our unique model of active partnership with small merchants and kiranas as well as big consumer brands, we hope to continue the growth momentum of the retail industry. We are committed to continuing to provide value to our customers across the world.

The acquisition complements Reliance’s retail business and makes it a good strategic match, the Reliance Retail Ventures release said.

“It will help Reliance retail speed up helping millions of small merchants in boosting their competitiveness and boosting their profits during these difficult times,” the release said.

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Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

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