India’s Future Enterprises Ltd is all set to finalize the sale of the group’s retail business to Mukesh Ambani-led Reliance Industries Ltd’s retail arm on Saturday, The Economic Times said.
The deal, reportedly in the works for months now, has been valued at about ₹29,000- ₹30,000 crores, according to various media reports.
Citing two sources familiar with the matter, The Economic Times said on Friday that Reliance will take on Future Group’s debt and liabilities and pick up a minority stake in its consumer’s arm.
Owned by India’s “father of modern retailing”, Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory.
The Group will merge five listed units across grocery, apparel, supply chain and the consumer business into Future Enterprises, which will then hive off all retail assets and sell them to Reliance as a single unit, the report said..