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RIL's Retail Arm to Acquire Future Group's Businesses for Rs 24,713 Crore

Aug 30, 2020 05:54 PM IST India India

Reliance Industries Ltd on Saturday announced that its retail arm Reliance Retail Ventures Ltd (RRVL) is acquiring Future Group businesses for Rs 24,713 cr to add to its fast expanding retail business and bolster e-commerce. "Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore, subject to adjustments as set out in the composite scheme of the arrangement," the company said in a statement.