RIL to buy Future Group’s retail, related units for ₹24,713 crore
4 years, 3 months ago

RIL to buy Future Group’s retail, related units for ₹24,713 crore

The Hindu  

Reliance Retail Ventures Ltd., a subsidiary of Reliance Industries Ltd., has announced the acquisition of the retail and wholesale, and logistics and warehousing businesses of the Future Group, on a slump sale basis, for a lump sum of ₹24,713 crore. The retail and wholesale undertaking of Future Group is being transferred to Reliance Retail and Fashion Lifestyle Ltd., a wholly owned subsidiary of RRVL, while the logistics and warehousing undertaking is being transferred to RRVL. “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,” Isha Ambani, director, RRVL, said in a statement on Saturday. Future Group said it would undertake a reorganisation of its businesses in which key group companies, including Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks will merge into FEL.

Retail Future Group Rrvl Fel Future Group Rrfll  groups  future  units  logistics  issue  rrvl  ril  retail  group  related  equity  reliance  warehousing  rrfll  buy  24713  crore

History of this topic

NCLT Orders Liquidation Of Future Retail
4 months, 3 weeks ago

NCLT Orders Liquidation Of Future Retail

Live Law  

The National Company Law Tribunal Mumbai bench ordered the liquidation of Future Retail Limited marking the end of the company's long-standing presence in India's retail market. The decision was made by a bench comprising Judicial Member Kuldip Kumar Kareer and Technical Member Anil Raj Chellan who held that the corporate insolvency resolution process exceeded its maximum permissible period without any …

NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea
2 years, 7 months ago

NCLT Mumbai Grants Time To Future Retail Ltd. To File Reply In Insolvency Plea

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while hearing a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, titled Bank of India v Future Retail Ltd., has granted time to Future Retail Ltd. for filing a reply to the petition. Future Retail Ltd. is the flagship …

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 urges SC to halt RIL takeover of FRL stores
2 years, 9 months ago

Amazon urges SC to halt RIL takeover of FRL stores

Hindustan Times  

Talks between Amazon and the Future Group aimed at resolving their long-running legal battle over the latter’s proposed $3.4 billion sale of retail assets to Reliance Industries have failed, lawyers for the companies informed the Supreme Court on Tuesday. The bench then asked Harish Salve and Mukul Rohatgi, who appeared for FRL, if the attempt by Future is to make …

Reliance takes control of around 200 Future Retail stores, offers jobs to employees
2 years, 9 months ago

Reliance takes control of around 200 Future Retail stores, offers jobs to employees

The Hindu  

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. Reliance Retail, the retail arm of the oil-to-telecom conglomerate, had in August 2020 agreed to take over the …

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 …

RIL invests ₹7,600 cr on acquisitions in first 3 qtrs to strengthen retail arms
2 years, 11 months ago

RIL invests ₹7,600 cr on acquisitions in first 3 qtrs to strengthen retail arms

Live Mint  

Reliance Industries Ltd has spent more than ₹7,600 crore over the past nine months of this fiscal towards investing in and acquiring assets to strengthen its retail business, according to Gaurav Jain, head, strategy and business development, Reliance Retail. “We have spent close to ₹7,600 crore in the first nine months in investing and acquiring assets and investing in capabilities …

Decoding the multilayered Amazon-Future-Reliance legal drama
2 years, 11 months ago

Decoding the multilayered Amazon-Future-Reliance legal drama

Hindustan Times  

New Delhi: US-e-commerce giant Amazon and India’s Reliance Industries have been locked in a fierce battle for the future -- almost literally. The Delhi high court Future Group went to the Delhi high court against Amazon, imploring the court to restrain the US-based e-commerce major from writing to Sebi, CCI, and other regulators about SIAC’s order. While the arguments before …

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal
3 years, 2 months ago

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal

News 18  

The Mumbai Bench of the National Company Law Tribunal on October 18 allowed Reliance to go ahead with seeking creditors’ nod, CNBC-TV18 reported. Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT and sought permission to proceed with seeking creditors’ nod for reorganising companies in lieu of the proposed Future-Retail Deal. Last month, on September …

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 …

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 …

Future Enterprises CFO Dinesh Maheshwari Resigns
3 years, 11 months ago

Future Enterprises CFO Dinesh Maheshwari Resigns

News 18  

Kishore Biyani-led Future group firm Future Enterprises on Thursday said its executive director and chief financial officer Dinesh Maheshwari has resigned from the company. Maheshwari’s resignation will be effective from Thursday, Future Enterprises, the supply chain and logistics company of the Future group, said in a regulatory filing. In August this year, the Future group had announced a deal to …

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 …

RIL-Future Retail deal gets CCI okay
4 years, 1 month ago

RIL-Future Retail deal gets CCI okay

Live Mint  

The Competition Commission of India on Friday approved Future Retail Ltd’s asset sale to Reliance Industries Ltd, in a setback for Amazon.com Inc., which had approached the anti-trust watchdog to halt the ₹24,700 crore deal. “Commission approves acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle,” CCI said …

CCI approves RIL, Future Retail deal
4 years, 1 month ago

CCI approves RIL, Future Retail deal

Hindustan Times  

The Competition Commission of India on Friday approved Future Retail Ltd’s asset sale to Reliance Industries Ltd, in a setback for Amazon.com Inc., which had approached the anti-trust watchdog to halt the ₹24,700 crore deal. The debt-ridden Future Group had agreed to sell various assets of Future Retail to Reliance for ₹24,713 crore in August. “Commission approves acquisition of retail, …

Competition Commission Clears Reliance's Rs 24,713 Crore Deal with Future Retail, Setback for Amazon
4 years, 1 month ago

Competition Commission Clears Reliance's Rs 24,713 Crore Deal with Future Retail, Setback for Amazon

News 18  

The Competition Commission has approved Reliance’s proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group. In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”. They are Future Enterprises, Future Consumer Ltd, Future …

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC
4 years, 1 month ago

Amazon Not Shareholder, No Say in Company Affairs: Future Retail Tells Delhi HC

News 18  

Kishore Biyani-led Future Retail Ltd Thursday told the Delhi High Court that Amazon was not its shareholder and has no say in its affairs and the interim order passed by the Singapore International Arbitration Centre was of no value. The court had on November 10 sought response of Amazon on FRL's plea alleging that the e-commerce major was interfering in …

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 …

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold
4 years, 1 month ago

Future Group Hints it May Challenge Arbitration Award Putting RIL Deal on Hold

News 18  

Kishore Biyani-led Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums, to ensure that its Rs 24,713 crore deal proceeds unhindered and without any delay. Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 …

Singapore court halts Future-RIL retail deal
4 years, 1 month ago

Singapore court halts Future-RIL retail deal

Hindustan Times  

Amazon.com Inc. on Sunday secured interim relief in a Singapore arbitration court, stalling partner Future Group’s plan to sell its retail and wholesale assets to a unit of rival Reliance Industries Ltd for ₹24,713 crore. The e-commerce giant claimed that Future Group had violated an investment contract when it agreed to sell its retail assets to Reliance Retail Ventures Ltd. …

Amazon gets interim relief as Singapore arbitration court pauses Future-RIL deal
4 years, 1 month ago

Amazon gets interim relief as Singapore arbitration court pauses Future-RIL deal

Live Mint  

Amazon.com Inc. on Sunday secured interim relief in a Singapore arbitration court, stalling partner Future Group’s plan to sell its retail and wholesale assets to a unit of rival Reliance Industries Ltd for ₹24,713 crore.  Singapore arbitration tribunal order pauses Future deal with RIL The arbitration ruling gives Amazon a breather as a Future-Reliance combine may pose serious competition …

Future-Reliance deal sparks arbitration case
4 years, 2 months ago

Future-Reliance deal sparks arbitration case

New Indian Express  

SIAC is a non-profit body that provides an alternative dispute resolution system for cross-border transactions involving foreign companies beyond the traditional forum of the courts. In 2019, Amazon agreed to pick up a 49 per cent stake in Future Coupons Ltd, which owns 7.3 per cent of Future Retail. That deal gave Amazon roughly 3.6 per cent in India's largest …

Investments in RRVL May Now be Directed to Ramp Up JioMart's Foray into Fashion
4 years, 2 months ago

Investments in RRVL May Now be Directed to Ramp Up JioMart's Foray into Fashion

News 18  

Reliance Retail Ventures Ltd on Monday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority, taking the total fundraise to Rs 37,710 crore in less than four weeks. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.285 lakh crore. Meanwhile, JioMart has expanded beyond grocery segment nearly three months after …

Reliance’s stake sale in retail will allow growth with zero net debt: Moody’s
4 years, 3 months ago

Reliance’s stake sale in retail will allow growth with zero net debt: Moody’s

Live Mint  

Moody's Investors Service said on Monday that Reliance Industries Ltd's divestment of 1.75 per cent stake in its retail arm to private equity firm Silver Lake Partners for ₹7,500 crore is credit positive as it will enable the Indian conglomerate to continue pursuing other growth opportunities while maintaining zero net debt. With this deal, RIL has now established an enterprise …

Reliance Industries Jump 8.5 percent, First Indian Firm to Reach Rs 14 lakh crore Mark
4 years, 3 months ago

Reliance Industries Jump 8.5 percent, First Indian Firm to Reach Rs 14 lakh crore Mark

News 18  

New Delhi: Continuing its rally, shares of Reliance Industries Ltd on Thursday zoomed 8.5 per cent and the company’s market valuation rose to Rs 14,66,589.53 crore in late afternoon trade becoming the first domestic firm to achieve the milestone. On Wednesday, it was announced that US private equity firm Silver Lake Partners would buy 1.75 per cent stake in RIL’s …

Reliance's Acquisition of Future Group to Strengthen Its Retail Footprint: Moody's
4 years, 3 months ago

Reliance's Acquisition of Future Group to Strengthen Its Retail Footprint: Moody's

News 18  

Reliance Industries Ltd's acquisition of Future Group's consumer business will strengthen the retail footprint of India's largest organised retailer, Moody's Investors Service said on Wednesday. Moody's said despite a price tag of around USD 3.3 billion, the cost of the acquisition remains small relative toRIL's total assets of around USD 155 billion and consolidated EBITDA of USD 12.8 billion for …

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' retail arm RRVL to acquire Future Group businesses for Rs 24,713 cr
4 years, 3 months ago

Reliance Industries' retail arm RRVL to acquire Future Group businesses for Rs 24,713 cr

Firstpost  

The Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd will acquire the retail, wholesale, logistics and warehousing businesses of the Future Group on a slump sale basis Reliance Industries Ltd on Saturday announced that its retail arm Reliance Retail Ventures Ltd is acquiring Future Group businesses for Rs 24,713 cr to add to its fast expanding retail business …

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 …

Mukesh Ambani's RIL closing in on deal to buy Future Group's retail business
4 years, 4 months ago

Mukesh Ambani's RIL closing in on deal to buy Future Group's retail business

India Today  

Mukesh Ambani’s Reliance Industries Limited is closing in on a deal to buy Kishore Biyani-owned Future Group’s retail business. According to a report published in livemint.com, RIL is likely to buy Future Group’s retail assets for a sum ranging from Rs 24,000-27,000 crore. It may be noted that as part of the deal, fashion and grocery retail formats of Future …

RIL AGM 2020: Reliance Retail at forefront of bringing about Organised Retail Revolution in India, says Mukesh Ambani
4 years, 5 months ago

RIL AGM 2020: Reliance Retail at forefront of bringing about Organised Retail Revolution in India, says Mukesh Ambani

Firstpost  

The company is also partnering with farmers, small and medium-scale manufacturers, merchants, vendors, start-ups and global companies. Addressing the company’s 43rd Annual General Meeting on Wednesday, Reliance Industries Chairman and Managing Director Mukesh Ambani said Reliance Retail is India’s largest, most profitable retail business and is the fastest-growing retailer in the world. “Reliance Retail is the only Indian retailer to …

Discover Related