The telecommunications, retail, oil and petrochemicals conglomerate led by billionaire Mukesh Ambani (pic) had been in talks for months with Future, which is facing a cash crunch amid intensifying competition and the pandemic.
NEW DELHI: Reliance Industries Ltd is buying assets of debt-strapped rival Future Group for 247.1 billion rupees (US$3.4bil), almost doubling the footprint of India’s No. 1 retailer and largest company by market value. Future Retail Ltd bonds gained and its shares soared 20% in Mumbai trading yesterday.
The deal includes Future’s retail, wholesale, logistics and warehousing units, Reliance Retail Ventures Ltd said Aug 29 in a statement. Dollar notes sold by Future Retail rose 20 US cents to 93.5 US cents on the dollar yesterday, the biggest jump since the bond’s sale in January, according to Bloomberg-compiled prices.
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