RIL Chairman and MD Mukesh Ambani. Credit: World Economic Forum.

Indian multinational conglomerate Reliance Industries has reportedly entered into the final stage to acquire the retail business of Future Group.

As part of this agreement, Reliance Industries plans to take over the retail, supply chain, and related businesses of Future, Times Now reported.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Future Retail operates over 1,500 stores under various brands including Big Bazaar, Fashion at Big Bazaar (FBB), ezone, and Foodhall.

The deal could be announced shortly as the two sides have reportedly agreed on certain terms and conditions.

Future Group is reportedly forced to look for a buyer amid rising debt, declining valuation of its listed firms and decline in earnings following the Covid-19 pandemic.

The publication quoted a person familiar with the development as saying: “The board members of Future have finally agreed with the final contours of the deal that was being worked out among the parties. A resolution will be passed over the next few days.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, Future Retail owner Kishore Biyani could retain the FMCG and some other smaller group entities, he added.

The transaction will be facilitated through a combination of share-swap and cash.

With this move, Reliance Industries is planning to become the largest brick-and-mortar retailer in the country.

In a separate development, Amazon.com is reportedly in talks to buy a 9.9% stake in the retail arm of Reliance Industries, ET Now reported on Thursday, citing sources.

The e-commerce giant wants a strategic stake in Reliance Retail for its online grocery delivery service provider JioMart.

In May, Reliance Industries launched its online grocery delivery service JioMart in more than 200 towns of India offering free instant delivery of groceries and other perishables to customers from the local stores.