Reliance to buy Future Group’s retail arm for $3.38 billion

Reliance to buy Future Group’s retail arm for $3.38 billion

Mukesh Ambani-led Reliance Industries (RELI.NS) said on Saturday it has agreed to acquire the retail and wholesale business and the logistics and warehousing business of Future Group in a deal valued at $3.38 billion, including debt.

Like many other store chain owners, Future Group’s business has been hit by a slowing economy and the impact of the coronavirus pandemic.

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