Thread by @BiIndia

#ICYMI | #KishoreBiyani gives up his retail empire to Mukesh Ambani – says its now in ‘stronger hands’

#RelianceRetail acquires #FutureGroup for ₹25,000 crorein a ‘slump sale’.

businessinsider.in/retail/news/mu…

By @SanchDash

👉Mukesh Ambani has bought Kishore Biyani’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).

👉#RelianceRetail will now own all of Future Enterprises’ stores by way of a ‘slump sale’ – Big Bazaar, fbb, Foodhall, Easyday, Nilgiris, Central and Brand Factory. The deal will also see Reliance take over Future’s logistics and warehouse.

👉Here’s a look at the market cap of all Future Group listed companies as of market close on August 28, 2020.

👉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.

👉Reliance said that the acquisition will accelerate providing support to millions of small merchants in increasing their competitiveness and enhance their income during these challenging times.