Billionaire Mukesh Ambani’s Reliance Industries Ltd on Saturday announced the acquisition of Kishore Biyani's ‘crown jewel’ -- Future Group businesses for Rs 24,713 crore -- to add to its fast-expanding retail business and bolster e-commerce to take on the competition from the likes of Amazon among others. The Reliance takeover includes the wholesale, logistics and warehousing business of the Future Group. Post Reliance Industries-Future Group deal, Mukesh Ambani's Reliance Retail Ventures (RRVL) will hold 13.14% stake in Kishore Biyani's Future Enterprises Ltd and will take over the debt of ₹12,500 crore. With over Rs 15,000 crore in debt, the Kishore Biyani-founded Future Group has been seeking funding support for several months. Future Retail operates 1,550 stores. Its flagship brands are BigBazaar, FBB and Foodhall, Easyday, Heritage Fresh and WHSmith. Future Lifestyle Fashion operates 354 stores. The RIL-Future Group deal will add over 1,700 retail stores to Reliance’s footprint of 10,900 stores across groceries, electronics and other formats.from IndiaTV Business: Google News Feed https://ift.tt/31I0imr
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