Reliance Retail acquires Future Group’s businesses
Reliance Retail Ventures Ltd (RRVL), a subsidiary of Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has acquired Future Group’s retail, wholesale business, logistics and warehousing business for Rs 24,713 crore ($3.37 billion).
With this deal, Reliance will now have access to close to 1,800 stores across Future Group's Big Bazaar, FBB, Central, among others in over 420 cities in India.
Future Group’s portfolio composition in apparel, general merchandise and own FMCG brands is expected to further strengthen Reliance’s foothold in the country.
Commenting on the acquisition, Isha Ambani director at Reliance Retail Ventures Limited in a statement said, “With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India.”
“We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country,” she added.
Reliance Industries Ltd is India’s largest private sector company and had reported a turnover of Rs 659,205 crore and a net profit of Rs 39,880 crore for the year ended March 31, 2020.
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