Ambani’s Reliance buys stake in Future Group for Rs 24,713 crore

Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group.

Billionaire 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.

Mukesh Ambani, chairman and managing director of Reliance Industries, attends the World Economic Forum (WEF) meeting in Davos, Switzerland.(REUTERS)

“Reliance Retail Ventures Ltd (RRVL), subsidiary of Reliance Industries Ltd will acquire the retail and wholesale business and the logistics and warehousing business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of INR 24,713 crore,” the company said in a statement.