Saturday, September 26, 2020
No menu items!
Home Business Mukesh Ambani buys big Bazaar: Future Group's retail, wholesale, logistic Business sold...

Mukesh Ambani buys big Bazaar: Future Group’s retail, wholesale, logistic Business sold to Reliance Retail.

Mukesh Ambani buys big Bazaar, business news, latest business news, chauhansameer.com, latest career news, latest job alerts.

Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries led by Mukesh Ambani, announced the acquiring retail and wholesale business and logistics and warehousing business from the future group in a mega transaction of Rs 24,713 crore. The acquisition comes as part of the scheme in which future group is merging some companies including Future Retail, Future Lifestyle Fashion, Future Consumer, Future Supply Chain and Future Bazaar Networks into Future Enterprises Limited (FAIL). Future Enterprises will later sell for Reliance Retail and Fashion Lifestyle Limited (RRFL), a wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL), through bearish sales in retail and wholesale businesses such as Big Bazaar, FBB, Foodhall, Ezde, Eucalyptus, Central and Brand Factory.

Under the scheme, retail and wholesale undertaking of Future Enterprises has been transferred to Reliance Retail and Fashion Lifestyle Limited (RRFL), a wholly owned subsidiary of RRVL; In addition, the logistics and warehousing undertaking of the future group was transferred to RRVL. Reliance Retail and Fashion Lifestyle has also proposed to invest Rs 1,200 crore in the preferential issue of equity shares of future enterprises to acquire 6.09 per cent of the post-merger equity; And in the preferential issue of equity warrants Rs 400 crore, which will achieve 7.05 per cent more of future ventures, reliance retail and fashion lifestyle, on conversion and payment of the remaining 75 per cent of the value of the issue.

Reliance said in a press release that the acquisition of Future Group’s retail, wholesale and supply chain business will complement and create a strong strategic fit in Reliance’s retail business. The company believes that this acquisition will help Reliance Retail to increase its competitiveness and accelerate support to millions of small traders in increasing their earnings during these challenging times.

The acquisition is subject to Bazaar regulator SEBI, CCI, NCLT, shareholders, creditors and other requisite approvals. With this transaction, we are pleased to provide a home to the famous formats and brands of future group as well as preserve our business ecosystem, which has played a key role in the development of modern retail in India,” said Isha Ambani, director, Reliance Retail Ventures Ltd.

Future Group Group CEO Kishore Biyani said that as a result of this restructuring and transactions, the future group will achieve an overall solution to the challenges caused by the COVID and macroeconomic environment. “This transaction takes into account the interest of all its stakeholders, including lenders, shareholders, creditors, suppliers, and employees who give continuity to all their businesses,” Kishore Biyani said.

subscribe chauhansameer.com for latest news, delhi news, business news, latest business news, mukesh ambani bough big bazar, reliance bought big bazar.

#latest news, #delhi news, #business news, #latest business news, #mukesh ambani bought big bazar, #reliance bought big bazar.

Alok Pradhan
Alok Pradhanhttp://chauhansameer.com
Alok pradhan is a Delhi university graduate with more than 10 years of experience

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Jeep Grand Wagoneer Concept unveiled, production to start from next year.

(adsbygoogle = window.adsbygoogle || ).push({}); Jeep has unveiled the Grand...

How to apply for more than one ration card within the family? know the details.

Ration cards, ration cards application, how to apply for ration cards, can we keep more than 1 ration cards in family, ration...

BREAKING News: Former President Pranab Mukherjee passes away, son Abhijit Mukherjee informed by a tweet.

(adsbygoogle = window.adsbygoogle || ).push({}); Former President Pranab Mukherjee...

Pranab Mukherjee death: Former president of India, Pranab Mukherjee dies.

Pranab Mukherjee death, Pranab Mukherjee death of coronavirus, Pranab Mukherjee health, Pranab Mukherjee infected by coronavirus, the demise of Pranab Mukherjee, chauahnsameer.com,...

Recent Comments