Reliance Buys Future Group
In a major move, Reliance Industries Limited Subsidiary is Reliance Retail Ventureshave taken over Future Group.
In a major move, Reliance Industries Limited Subsidiary is Reliance Retail Ventures (RRVL) - focusses on retail such as food, grocery, clothes, electronics, etc. RRVL announced that they have taken over Future Group’s wholesale and warehousing business for ?24,713 crore. Now Reliance will have full control over 1,800 Future Group stores such as Big Bazaar, FBB, Easyday, Central, Foodhall, etc which are in 420 Indian cities. Till September 2019, Future Group had a total debt (loan) of ?12,778 crore . Many lenders who had given the loan were very worried about the repayment of the money. Now that Reliance has taken over Future Group, it will have the responsibility of paying back the loans. Hence, the lenders are very happy. Amazon & Flipkart are gearing up to compete with Reliance.