INDUSTRY NEWS

RIL to pay up to $3.6 billion for Future Group retail ops: Report

Mukesh Ambani’s Reliance Industries Ltd will pay between Rs 24,000 crore and Rs 27,000 crore ($3.2-$3.6 billion) to buy the Indian retail chains owned by Future Group, a business newspaper reported on Tuesday, citing two sources familiar with details of the deal.

Asia’s richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India’s huge retail sector.

Reliance’s existing retail operation already runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 Indian towns and cities.

Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores FoodHall, and bargain clothing chain Brand Factory.

Source
ET Energy World
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