Reliance Retail acquires Future Retail
Reliance bought entire promoter stake and acquired Future Group for Rs 24,713 crore to boost its retail business. Reliance will now own Big Bazar and Future Lifestyle but financial and insurance business would not be part of the deal.
Future Retail business comprises of FBB, Big Bazar, Food Hall, Central, Lifestyle Stores, and Future Supply Chain Solutions spread over 420 cities in India. Future Retail has around 1500 retail stores with brands of Big Bazar, Ezone, Food hall, FBB, Nilgiris, and Easyday. Furthermore, Future Lifestyle has 300 stores under brands of Central and Brand Factory.
The large has become larger and the network of Future Retail would give a big push to its geographical presence thus adding to its revenues!
Further details regarding take-over would be added.