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Reliance to buy Future Group's retail arm for $3.38 billion

Published 08/29/2020, 12:32 PM
Updated 08/29/2020, 12:35 PM
© Reuters. The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar

© Reuters. The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar

NEW DELHI (Reuters) - Mukesh Ambani-led Reliance Industries (NS:RELI) said on Saturday it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt.

Like many other store chain owners, Future Group's business has been hit by a slowing economy and the impact of the coronavirus pandemic.

© Reuters. The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar

($1 = 73.1140 Indian rupees)

Latest comments

now future enterprise Target will be 100+ in coming days
Now Kishore Biyani will relex being Debt free .👏
Fierce competition coming for Amazon and Walmart.
Good move by Future Group to Sell the business to Reliance
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