After getting series of funding into Akash Ambani run Jio Platforms, Reliance Industries CMD, Mukesh Ambani set his sight on his daughter Isha Ambani Piramal managed Reliance Retail Ventures Ltd .
Talks had progressed in the backstage between the Reliance Group & Kishore Biyani’s Future Group for quite sometime. Reliance through its newly formed group company Reliance Retail Ventures Limited will acquire Future Enterprise Ltd (Future Retail, Future Lifestyle Fashions, Future Supply Chain, Future Consumer, Future Market Networks would first be merged into Future Enterprise), on a slump sale basis for an enterprise value of Rs247 bn, subject to regulatory approvals. This marks a major consolidation in the Indian organized retail sector, with two of the top three players merging.
How Reliance Retail Compares with Future Retail Ltd (FRL) ?
Reliance Retail revenue in FY20 was Rs346 bn and that of Future Retail annualized revenue of FY20 (based on 9M FY20 results) was ~Rs100 bn. Future Retail has (more…)