Company's board to meet today on sale of retail arms to RIL
RIL entry will lead to Amazon's exit from promoter entity
Other Future Group companies' stock also rallied on the development, with Future Retail surging 7 per cent
The plan to merge the three Future group companies - Future Lifestyle, Future Supply Chain and Future Retail - is being worked out among banks, RIL and Future group, say sources
As per a plan negotiated between Kishore Biyani, Indian lenders and RIL, banks will have to wait till RIL invests in Future Enterprises after three other group firms are merged into it
Once the merger is complete, Reliance Industries will be investing Rs 8,500 crore in the merged entity, resulting in the Mukesh Ambani-led conglomerate owning close to 50 per cent in it
Two group companies missed their payments due on Thursday
Aggressive expansion plans have led to cost overrun, sliding profits for Future Group firms
The expiry of derivative contracts of the July series tomorrow may keep today's session volatile
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
Company ranks among top 100 global retailers
The Future group holds 51 per cent in the general insurance business, while the rest is owned by Italy's Generali group.
According to the report, Reliance Industries is closing in on a deal that would see it acquire stakes in some units of Future Group.
The SGX Nifty is indicating an open at around 10,030 levels for the Nifty amid mixed global cues
An agreement between Ambani's Reliance and Future, which already has a partnership with Amazon.com Inc., could be announced as early as next month
Future Supply Chain Solutions (FSC) is a third-party supply chain and logistics service provider that offers warehousing facilities also.
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The move came after Future group firms defaulted on loans taken against the pledged shares of Future Retail in March, which also impacted its share price
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