Is Reliance Buying Big Bazaar & Future Group Retail Business? Here Are Official Statements
The Future Group and Reliance industries have issued two separate statements about the recent news of Reliance’s plans by Big Bazaar and the entire Future Group.
In both their statements, neither company has denied the possibility of the deal between them or the lack of one as well.
Read on to find out what the two organizations have to say about the deal!
Future Group Issues Statement: Deal Dependent On Future Feasibility?
Recently we reported that Mukesh Ambani’s Reliance Industries Ltd (RIL) was discussing taking over Kishore Biyani’s Future Group.
In the deal, the controlling stake in the retail business of Kishore Biyani’s Future Group will lie with Mukesh Ambani’s RIL, and the deal was reportedly at the final stage.
However, now, Future Retails has revealed in a BSE filing that the company still continues to explore and evaluate multiple other opportunities.
The Future Group talked about the takeover, saying, “The company continues to explore and evaluate various opportunities or associations in the interest of the company as and when considered appropriate.”
The organization also said that deals like this are always dependent on the feasibility that lies in the future and also the requirement to secure approvals as per the applicable laws and other stakeholders.
Is Reliance Industries Limited Evaluating Other Options?
On the other hand, Reliance industries limited has also said that their organization evaluates multiple other opportunities on an ongoing basis. They said, “Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the Company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”
If the deal between Reliance Industries Ltd (RIL) and Kishore Biyani’s Future Group, goes through, it would be a lifesaver for the Future Group which is indebted by loans in March 2020. Reportedly, promoter and promoter group account for a 40.31 % stake in future retail as of March 31, 2020.
In addition to that many of the Future Group’s retail outlets will be handed over Reliance industries such as FBB, Big Bazaar, Food Hall and Central, along with Future Lifestyle Ltd, and Future Supply Chain Solutions