Reliance takes control of around 200 Future Retail stores, offers jobs to employees
The HinduBillionaire 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. Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the retail and logistics business of the Future Group for ₹24,713 crore but the deal couldn’t be closed as Future’s warring partner Amazon went to courts citing violation of some contracts. Sources said several landlords had approached Reliance as Future Retail Ltd., which is neck deep in losses, was unable to pay rent. Without confirming or denying the takeover of its stores, Future Retail Ltd. in a stock exchange filing said, "The shareholders are aware that FRL is going through an acute financial crisis.