Future Group Shares Jump after Reliance Deal for Retail Arm
4 years, 3 months ago

Future Group Shares Jump after Reliance Deal for Retail Arm

News 18  

Shares in Indian conglomerate Future Group’s companies jumped on Monday after Reliance Industries Ltd said it would buy the group’s retail arm in a $3.38 billion deal, including debt. Reliance’s grocery and fashion retail businesses will benefit from Future’s “strong” brands, analysts at Anique Stock Broking Ltd in Mumbai said in a client note. Lenders led by Axis Bank Ltd have a total exposure of 160 billion rupees to Future Group, the Mint daily reported. A consortium led by Bank of India has an exposure of 57.50 billion rupees, while Axis Bank and Bank of Baroda Ltd have exposures of 12.5 billion rupees and 7.5 billion rupees, respectively, the newspaper reported, citing data from ICICI Securities.

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History of this topic

‘Future promoters eroded ₹60,000 cr of public wealth’
1 year, 10 months ago

‘Future promoters eroded ₹60,000 cr of public wealth’

Live Mint  

Mumbai: InGovern Research Services, a proxy advisory firm, on Wednesday approached the Securities and Exchange Board of India seeking a forensic investigation of Future Group, which ran the erstwhile BigBazaar retail chain. In its letter to Sebi chief Madhabi Puri Buch, InGovern said a greater regulatory scrutiny is needed by the market regulator and the Reserve Bank of India as …

'Dues of $634 million compelled' takeover of Future Retail, says Reliance
2 years, 8 months ago

'Dues of $634 million compelled' takeover of Future Retail, says Reliance

Hindustan Times  

India's top retailer, Reliance, has privately defended an abrupt takeover of the stores of debt-laden rival Future Retail, saying mounting dues of $634 million compelled it to act beyond expectations, a company letter shows. A woman wearing a Reliance JioMart vest instructs workers as they stock their products inside a Future Retail's closed Big Bazaar retail store in Mumbai. As …

Future Retail Plunges 16% In Two Days; Group Shares Hit All-Time Low
2 years, 9 months ago

Future Retail Plunges 16% In Two Days; Group Shares Hit All-Time Low

ABP News  

New Delhi: Future Group companies’ shares continued to remain under pressure on Monday as most of the group’s listed firms traded at their all-time low. Future Retail, Future Supply Chain, and Future Lifestyle Fashions hit their respective all-time low on the BSE in intra-day trade on Monday. As the company informed exchanges that the group has called for a meeting …

Banks to take Future to debt recovery tribunal
2 years, 9 months ago

Banks to take Future to debt recovery tribunal

Live Mint  

MUMBAI : Lenders to Future Retail Ltd have abandoned plans to sue the company for the unapproved transfer of hundreds of its stores to Reliance Retail, two bankers aware of the plans said, adding that they will enforce their rights through the debt recovery tribunal and bankruptcy tribunal instead. The bankers cited above said procedures to take Future Retail to …

Amazon vs Reliance: Future of retail supremacy in India hangs in balance
2 years, 9 months ago

Amazon vs Reliance: Future of retail supremacy in India hangs in balance

India Today  

Amazon and Future group have been locked in a complex legal stand-off for more than a year now. AMAZON TO SUPREME COURT Amazon has apprehended the "disappearance” of assets and sought an interim order from the Supreme Court to ensure the preservation of assets of Future Retail Ltd besides resumption of arbitration over FRL’s merger deal with Reliance Retail. A …

Reliance Takes Charge of Future
2 years, 9 months ago

Reliance Takes Charge of Future

News 18  

Reliance Industries has stepped in to rescue Future Retail Limited, taking over the operations of its stores and offering jobs to its employees, even as the Kishore Biyani-led group is locked in a bitter legal wrangle with e-commerce major Amazon at several judicial forums over the sale of its business to the retail arm of the oil-to-telecom conglomerate. In August …

Reliance takes control of Future Retail stores, including Big Bazaar
2 years, 9 months ago

Reliance takes control of Future Retail stores, including Big Bazaar

Hindustan Times  

Billionaire Mukesh Ambani's Reliance Industries Ltd has taken over the operations of at least 200 stores of Future Retail and has offered jobs to its employees after the Kishore Biyani-led group failed to make lease payments to landlords, sources said on Saturday. Mukesh Ambani Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take …

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon
2 years, 11 months ago

'Future Retail Will Sink With 30,000 Employees If Reliance Deal Doesn't Get Through' : Future Group Lawyers To Supreme Court In Case Against Amazon

Live Law  

In the Amazon-Future case, the Future Group on Tuesday submitted before the Supreme Court that being in a financially precarious situation, Future Retail Ltd will "sink with 30,000 employees losing their jobs" if the Rs 26,000 crores deal with the Reliance doesn't go through.Both FRL and Future Coupons Pvt Ltd argued that FRL should be allowed to go forward with …

Shares in Future Group firms fall as court dismisses appeal
2 years, 11 months ago

Shares in Future Group firms fall as court dismisses appeal

Al Jazeera  

Shares in Future Group companies have fallen a day after an Indian court dismissed Future Retail’s appeal to declare arbitration proceedings with now-estranged partner Amazon.com Inc as illegal. Amazon had successfully for months used the terms of its $200m investment in Future in 2019 to block the Kishore Biyani-owned company’s attempt to sell retail assets to Reliance, until the antitrust …

India’s Future Group’s shares surge on suspension of Amazon deal
3 years ago

India’s Future Group’s shares surge on suspension of Amazon deal

Al Jazeera  

Shares of India’s Future Group companies have surged about 20 percent after the country’s antitrust agency suspended Amazon.com Inc’s 2019 deal with the group, potentially making it easier for Reliance Retail to buy Future’s retail business. The shares soared on Monday after the regulator’s ruling on Friday that the US e-commerce giant suppressed information while seeking regulatory approval two years …

Future Gets NCLT Go-ahead to Conduct Shareholders Meeting for Deal with Reliance: Sources
3 years, 2 months ago

Future Gets NCLT Go-ahead to Conduct Shareholders Meeting for Deal with Reliance: Sources

News 18  

The National Company Law Tribunal on Tuesday allowed Kishore Biyani-led Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Ltd. A Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh dismissed the application filed by e-commerce major Amazon opposing the scheme of merger of the …

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani
3 years, 10 months ago

Reliance Future Group deal: Amazon gets Indian court to block $3.3 billion retail deal involving Mukesh Ambani

CNN  

CNN Business — Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers. In August 2019, Amazon invested in a Future Group entity that gave it a roughly 4.8% stake in Future Retail as of September 30 last year, according to securities filings. Amazon argued that the 2019 …

Future Retail, Enterprises hit upper circuit after Sebi clears deal with RIL
3 years, 11 months ago

Future Retail, Enterprises hit upper circuit after Sebi clears deal with RIL

Hindustan Times  

Shares of Future Retail and Future Enterprises rose nearly 5 per cent and hit upper circuit limits after Sebi cleared Future Group's proposed multi-billion dollar deal with Reliance Industries Ltd. A shopper walks through an aisle displaying personal care goods at a Big Bazaar hypermarket, operated by Future Retail Ltd. in Mumbai On the BSE, Future Retail Ltd's shares hit …

Post-CCI nod, Reliance Industries, Future Group stocks see strong demand
4 years, 1 month ago

Post-CCI nod, Reliance Industries, Future Group stocks see strong demand

Live Mint  

Shares of Reliance Industries jumped up to 4 per cent on Monday after the Competition Commission approved the company's proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. Besides, Future Retail zoomed 9.95 per cent to ₹79 -- its upper circuit limit, Future Lifestyle Fashions gained 9.99 per cent to ₹90.30 and Future Enterprises Ltd shares rose …

Why Amazon and Reliance are fighting for Future Retail in India
4 years, 1 month ago

Why Amazon and Reliance are fighting for Future Retail in India

CNN  

Hong Kong CNN Business — Two of the world’s richest men are duking it out over a brick-and-mortar retail chain on the verge of default. Amazon, the Seattle-based e-commerce firm owned by Jeff Bezos, is fighting a $3.3 billion deal struck between Mukesh Ambani’s Reliance Industries and the Indian retail conglomerate Future Group. Fitch Ratings downgraded Future Retail’s rating two …

Amazon set for face-off with Mukesh Ambani’s RIL for India retail dominance
4 years, 1 month ago

Amazon set for face-off with Mukesh Ambani’s RIL for India retail dominance

Live Mint  

Amazon.com Inc. and Mukesh Ambani’s Reliance Industries Ltd.’s fight for dominance of India’s lucrative e-commerce space is turning into a face-off, with both sides battling over the assets of a supermarket chain that could be key to their wider ambitions. Reliance intends to purchase Future Retail’s assets “without any delay,” the conglomerate’s unit said in a statement late Sunday, after …

RIL, Future Group stocks under pressure after interim relief to Amazon
4 years, 1 month ago

RIL, Future Group stocks under pressure after interim relief to Amazon

Live Mint  

MUMBAI: Shares of Reliance Industries Ltd and Future Group stocks slumped on Monday after Amazon received a favourable ruling in Singapore arbitration court with regard to the Future-RIL deal. On Sunday, US retail giant Amazon secured a major relief against the proposed ₹24,713-crore combination of Reliance Retail Ventures Ltd and Future Group’s retail and wholesale business when a Singapore arbitration …

Wait gets longer for lenders to Future
4 years, 2 months ago

Wait gets longer for lenders to Future

Live Mint  

Lenders to Future group may see $3 billion worth of loans turning sour because of a delay in the sale of the Kishore Biyani-led group’s assets to Reliance Industries Ltd after Amazon.com Inc. dragged its Indian partner to a Singapore arbitration court to halt the deal. While Future group firms owe close to ₹16,000 crore to a clutch of banks …

Future of Biyani-Reliance deal under Amazon cloud
4 years, 2 months ago

Future of Biyani-Reliance deal under Amazon cloud

Live Mint  

Amazon.com Inc.’s legal challenge to void Future Group’s ₹24,700 crore asset sale to Reliance Industries Ltd hinges on a clause in the e-commerce giant’s 2019 investment agreement in Future Coupons Ltd that explicitly bars the Kishore Biyani-led group from forging a pact with the Mukesh Ambani company, two people directly aware of the matter said. Amazon has hired law firm …

Reliance Almost Doubles Retail Footprint with Acquisition of Future Group
4 years, 3 months ago

Reliance Almost Doubles Retail Footprint with Acquisition of Future Group

News 18  

Reliance Industries Ltd's acquisition of debt-strapped Future Group will almost double the footprint of its retail business, which now is valued at up to USD 68 billion, analysts said. The deal increases the retail store footprint of Reliance Retail Ltd, a unit of RIL, from current 28.7 million square feet to 52.5 million sq ft, consolidating its pole position, analysts …

Future-RIL deal protects banks from a $2.2-bn hit
4 years, 3 months ago

Future-RIL deal protects banks from a $2.2-bn hit

Live Mint  

Future Group lenders have been saved from a $2.2 billion hit on their exposure to the conglomerate after the company announced a stake sale of its businesses to Reliance Industries Ltd for ₹24,713 crore on Saturday. Post the deal, Mukesh Ambani’s Reliance Retail Ventures will hold a 13.14% stake in Kishore Biyani’s Future Enterprises Ltd and will assume debt of …

Reliance Industries buys Future Group business for Rs 24,713 crore
4 years, 3 months ago

Reliance Industries buys Future Group business for Rs 24,713 crore

India TV News  

Industrialist Mukesh Ambani's Reliance Industries Ltd on Saturday announced the acquisition of Future Group businesses for Rs 24,713 crore to add to its fast-expanding retail business and bolster e-commerce to take on the competition from Amazon.com. In a statement, the company said, "Reliance Retail Ventures Ltd, subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the …

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