new Delhi. Mukesh Ambani’s company Reliance Retail Ventures Ltd (RRVL) has bought the retail, wholesale logistics and warehouse business of Future Group for Rs 24713 crore. This mega deal will further strengthen the company’s position in retail business. The company gave this information in a press release on Saturday. The company release said, “Reliance Retail Venture Ltd (RRVL), a subsidiary of Reliance Industries Limited (RIL), today acquired the retail and wholesale business and logistics and storage business of Future Group for a lump sum of Rs 24,713 crore. declare.”
Reliance Retail is strengthening its hold in the Indian e-commerce market to compete with giants like Amazon.
As part of the deal, Future Group is merging some companies into Future Enterprises Limited (FEL). Under this scheme, retail and wholesale ventures are being transferred to Reliance Retail and Fashion Lifestyle Limited.
It is a wholly owned subsidiary of RRVL; Logistics and warehousing undertaking are being transferred to RRVL.
Isha Ambani, director of Reliance Retail Ventures Ltd, said, “We will be happy to preserve the Future Group’s well-known brands as well as its commercial eco system.” It will play an important role in the development of modern retail in India. We hope that with the participation of small merchants, grocery stores and big consumer brands, the pace of growth will continue in the retail sector, we are committed to providing better value to our consumers across the country.
Mukesh Ambani, the owner of Reliance Industries, had targeted to add three crore grocery owners and 12 crore farmers to the retail business. Reliance is strengthening its position with the acquisition of Future Group’s retail business, wholesale and supply chain business.
RRVL said that as part of this acquisition plan Future Group is merging some of its companies with Future Enterprises Ltd (FEL). The company said that under the scheme, the retail and wholesale business of Future Group would be transferred to Reliance Retail & Fashion Lifestyle Limited (RRFLL), a subsidiary of RRVL. It will invest 1200 crore through a preferential issue and buy a 6.09 per cent stake in Future Enterprises Limited.
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