Reliance Retail Ventures to acquire Big Bazaar and other businesses of Future GroupTagged with: Big Bazaar | EasyDay Club | Future Group | Heritage Fresh | India | Reliance Retail Ventures | Retail acquisition news
Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries, has agreed to acquire the retail and wholesale business and the logistics and warehousing business from Indian retailing network Future Group for INR 247.13 billion ($3.38 billion).
The retailing network has presence across 400 cities in all the states of India through digital platforms and more than 1500 stores that occupy more than 16 million square feet of retail space.
Isha Ambani – Director of Reliance Retail Ventures said: “With this transaction, we are pleased to provide a home to the renowned formats and brands of Future Group as well as preserve its business ecosystem, which have played an important role in the evolution of modern retail in India. We hope to continue the growth momentum of the retail industry with our unique model of active collaboration with small merchants and kiranas as well as large consumer brands. We are committed to continue providing value to our consumers across the country.”
According to Reliance Retail Ventures, the acquisition of Future Group’s wholesale, retail, and supply chain business complements and also makes a strong strategic fit into the company’s retail business. It is expected to help Reliance retail to accelerate offering support to millions of small merchants in boosting their competitiveness and improving their income during the challenging times, said the company.
Furthermore, the portfolio composition of Future Group in apparel, general merchandise, and own FMCG brands will pave the way for a broader offering to its customers.
The closing of the acquisition is subject to SEBI, CCI, NCLT, shareholders, creditors, and other necessary approvals.