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Reliance to pay up to Rs 27,000 cr for Future Group retail chains: Report

Reliance's existing retail operation already runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 Indian towns and cities

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Owned by Kishore Biyani, Future Group is home to supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory

Reuters Bengaluru

2 min read Last Updated : Jul 28 2020 | 3:51 PM IST

Mukesh Ambani's Reliance Industries Ltd will pay between Rs 24,000 crore and Rs 27,000 crore ($3.2-$3.6 billion) to buy the Indian retail chains owned by Future Group, Mint newspaper reported on Tuesday, citing two sources familiar with details of the deal.

Asia's richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India's huge retail sector.

Reliance's existing retail operation already runs close to 12,000 stores, including a cash-and-carry wholesale business, in over 6,700 Indian towns and cities.

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Topics : Reliance Industries Mukesh Ambani Future Group