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

PTI
Updated: August 29th, 2020, 21:29 IST
in Business
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Mukesh Ambani (Image courtesy: PTI)

Mukesh Ambani (Image courtesy: PTI)

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New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd  Saturday announced the acquisition of Future Group businesses for Rs 24,713 cr to add to its fast expanding retail business and bolster e-commerce to take on the competition from Amazon.com.

“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.

 

PTI

Tags: Future GroupMukesh Ambaniretail businessRIL
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