Yes, you heard it right.
The debt laden future group in which one company defaulted, is set to be acquired by RIL.A very good bet for RIL to continue its growth in the retail segment. This will also make RIL's JIomart to increase its footprint quickly by acquiring future group.
According to the deal, Biyani will leave control over all businesses under the Future Retail (comprising FBB, Big Bazaar, Food Hall and Central), Future Lifestyle Ltd, and Future Supply Chain Solutions.
All three entities will be merged and the combined business will be acquired by Reliance industries. Biyani will be left with control of Future Group's FMCG business and some other smaller group companies.
Future Retail has around 1,500 retail stores across brands like Big Bazaar, Ezone, Foodhall, Fashion at Big Bazaar (FBB), Nilgiris and Easyday. Also, Future Lifestyle has 300 stores under brands such as Central and Brand Factory.
The deal will be mostly signed before AGM of RIL.
A good news for future group and their future in retail industry.
Thank you for reading.
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