Mukesh Ambani’s Reliance Industries Limited is buying Big Bazaar, Future Group’s Retail Business to become India’s #1 Retailer. Reliance Industries Ltd (RIL) is close to buying Future Group’s retail assets for ₹24,000-27,000 crore.
Asia’s richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India’s huge retail sector.
Five listed entities, including Future Retail Ltd, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks, will be merged into Future Enterprises Ltd (FEL) before the sale of the assets, the people said on condition of anonymity.
FEL will then conduct a slump sale of its retail assets to one of the retail subsidiaries of Reliance Industries Ltd.