MUMBAI, Aug 29 (AFP): Indian conglomerate Reliance is acquiring the retail, wholesale and logistics businesses of the Future Group for US$3.38 billion, the oil-to-telecoms giant announced on Sunday, strengthening its presence in the country's hugely competitive e-commerce sector.
Reliance, which is owned by Asia's richest man Mukesh Ambani, has been locked in battle with US tech behemoth Amazon and Walmart-backed Flipkart for a share of India's lucrative online market, establishing its digital platform JioMart in May.