No plans to sell it despite competition from online players
Lenders, vendors await the fate of their dues; many threaten to move courts if they aren't repaid in 15 days
Last week, RIL announced that it will acquire Future Enterprise Limited's consumer business for a purchase consideration of around Rs 24,713 cr
Among the four, Income Opportunities Fund had highest exposure to Rivaaz Trade Ventures at 6.32 per cent of its AUM
The acquisition of Future Group's 2,000 retail stores and Big Bazaar grocery chain will help Reliance, which sells everything from groceries to electronics
Store staff to be retained, say sources
With the combined entity more than twice its size in grocery, pricing pressures could hit profitability
Shares of RIL had hit an all-time high of Rs 2,198.70 on July 27, 2020.
Rival Reliance Retail too will be investor in company
The financial instruments of Future group have gone through multiple rating downgrades in recent months due to the delay in payments
Mismatch between ambition and resources; debt does him apart, say experts
Future group's brands include Big Bazaar, Easyday, Nilgiris, Central
Company's board to meet today on sale of retail arms to RIL
RIL entry will lead to Amazon's exit from promoter entity
Other Future Group companies' stock also rallied on the development, with Future Retail surging 7 per cent
The plan to merge the three Future group companies - Future Lifestyle, Future Supply Chain and Future Retail - is being worked out among banks, RIL and Future group, say sources
As per a plan negotiated between Kishore Biyani, Indian lenders and RIL, banks will have to wait till RIL invests in Future Enterprises after three other group firms are merged into it
Once the merger is complete, Reliance Industries will be investing Rs 8,500 crore in the merged entity, resulting in the Mukesh Ambani-led conglomerate owning close to 50 per cent in it
Two group companies missed their payments due on Thursday
Aggressive expansion plans have led to cost overrun, sliding profits for Future Group firms