Reliance Industries Ltd (RIL) may buy Future Group’s retail assets for Rs 24,000-27,000 crore, reported Live Mint.
According to a report by Live Mint, people familiar with the details of the deal told the leading daily that five listed entities, including Future Retail Ltd, Future Consumer, Future Lifestyle Fashions, Future Supply Chain and Future Market Networks, will be merged into Future Enterprises Ltd (FEL) before the sale of the assets.
Meanwhile, as part of the deal, fashion and grocery retail formats from Future Group’s listed entities such as Big Bazaar, FoodHall, Nilgiris, Heritage Foods and Brand Factory will be acquired by RIL.
On Thursday, Reliance Retail reported a 47.42 per cent decline in pre-tax profit at Rs 1,083 crore for the quarter ended June 2020, impacted by the coronavirus lockdown. Reliance Industries Ltd’s (RIL) retail arm had posted a pre-tax profit or EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 2,060 crore in the April-June quarter a year ago. RIL in its earnings statement said that during the quarter was down 17.22 per cent at Rs 31,633 crore as against Rs 38,216 crore in the corresponding period last fiscal.