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Reliance-Future Group Deal: Reliance backed out of the 24713 crore deal with Future Group, decision taken due to non-approval of shareholders

Reliance-Future Group Deal: The Rs 24713 crore deal between Reliance Industries and Future Group is now over.

Reliance-Future Group Deal: The deal between Reliance Industries and Future Group is now over. Reliance today (April 23) informed that the Rs 24713 crore deal with Future Group may not go ahead as the group’s secured credits have voted against it. This means that the Rs 24713 crore deal between Reliance’s retail arm to buy Future Group’s Future Retail has been rejected. Reliance has given this information in the regulatory filing. According to the Mukesh Ambani-owned company, Future Group’s Future Retail and other listed companies had proposed to their shareholders and creditors to seal the deal. However this proposal was rejected.

The deal was done in August 2020

The deal was announced by Future Group about two years ago in August 2020. According to the deal, the deal was done for the sale of 19 companies in the Future Group retail, wholesale, logistics and warehousing segments to Reliance Retail Ventures Limited. The deal was worth around Rs 24713 crore. Reliance Retail Ventures Limited is the holding company of all the retail companies of the Reliance Group.

(Input: PTI)

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