#RelianceRetail acquires Kishore Biyani’s #FutureGroup for ₹25,000 crore in a ‘slump sale’
businessinsider.in/retail/news/mu…
#KishoreBiyani #MukeshAmbani
By @SanchDash
➡️After months of wait, the cat is finally out of the bag. #MukeshAmbani has bought #KishoreBiyani’s Future Retail for ₹24,713 crore.
➡️With the acquisition, Future Retail, Future Lifestyle Fashions, Future Consumer, Future Supply Chains and Future Market Networks will merge into Future Enterprises Limited (FEL).
➡️Reliance will now take over the borrowings and liabilities of Biyani and will “discharge the balance consideration by way of cash”.
➡️The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders.
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